Contactless Payment Market expected to grow at an impressive CAGR during the period of 2020-2026

Selbyville, Delaware, United States, October 7 2020 (Wiredrelease) Global Market Insights, Inc –:Regionally speaking, contactless payment market is segmented into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. Of these, APAC is anticipated to emerge as a highly lucrative regional revenue pocket for contactless payment industry, given the rising penetration of smartphones across the emerging nations of the region. In addition, the region is remnant of numerous initiatives brought forth by governments, pertaining to the increase in digital transactions. Also, the number of e-commerce users in the region has been on a rise lately, increasing the adoption of contactless payments across SMEs, in regions such as India and China, thereby augmenting the APAC business outlook.

Latin America is another region that is poised for substantial growth. Rising number of government-led initiatives subject to the adoption of contactless payment solutions so as to promote the cashless economy culture will proliferate the regional industry expansion.

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Governments worldwide have been playing an intrinsic role in increasing the adoption of contactless systems in their economies, which will add impetus to the market growth. Additionally, they are also concentrating in developing their own advanced contactless payment solutions – for example, Faster Payments – from the UK, FAST – from Singapore, Swish – from Sweden, etc.

The worldwide contactless payment market is poised for a considerable expansion in the years ahead, driven by its increasing benefits such as high safety and security. These payment solutions are often embedded with the same protection as that of chip & PIN payments, making them much more reliable than hard cash. Also, companies have been working to ensure that contactless cards and devices are integrated with numerus layers of security to protect the user from fraudulent transactions, making them an ideal choice for myriad applications.

The ongoing COVID-19 pandemic has provided an unexpected impetus to the growth of contactless payment industry. Driven by nationwide lockdowns and the imposition of social distancing measures, these payment solutions have been deployed on a very large scale since the last few months.

With respect to the type of device, contactless payment market is divided into PoS terminals and smart cards. Of these, PoS terminals segment is anticipated to depict substantial growth on account of the rising implementation of numerous technologically advanced solutions that enable convenient, safe, and speedy transactions.

With respect to the application segment, contactless payment industry is divided into retail, warehouse and logistics, hospitality, healthcare, entertainment, transportation, and others. Of these, the retail segment is estimated to depict an appreciable growth rate, driven by the surge in the demand for immediate transfer settlements from e-commerce retailers and merchants. Since contactless payment solutions provide a highly competitive edge to the regional retail and e-commerce businesses by ensuring a rather affordable and quicker mode of transaction than the legacy systems, they are rather popular in the retail industry.

Another major application area that provides a push to the overall contactless payment market is the hospitality sector. Increasing demand for advanced contactless PoS systems from restaurants and resorts so as to ensure a rather pleasant customer experience through secure and quick transactions will augment contactless payment market share from the hospitality sector.

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However, issues related to interoperability among various RTP network schemes such as the Society for Worldwide Interbank Financial Telecommunications (SWIFT) and The Clearing House (TCH) in tandem with surging cybersecurity concerns, may restrain the contactless payment market growth to some extent over the forecast period.

Table of Contents (ToC) of the report:

Chapter 3.    Contactless Payment Market Insights

3.1.    Industry segmentation

3.2.    Industry landscape, 2015 – 2026

3.3.    Impact analysis of coronavirus (COVID-19) pandemic

3.3.1.    Global outlook

3.3.2.    Impact by region

3.3.2.1.    North America

3.3.2.2.    Europe

3.3.2.3.    Asia Pacific

3.3.2.4.    South America

3.3.2.5.    MEA

3.3.3.    Industry value chain

3.3.3.1.    Research and development

3.3.3.2.    Manufacturing

3.3.3.3.    Marketing

3.3.3.4.    Supply

3.3.4.    Competitive landscape

3.3.4.1.    Strategy

3.3.4.2.    Distribution network

3.3.4.3.    Business growth

3.4.    Industry ecosystem analysis

3.4.1.    Distribution channel analysis

3.4.2.    Vendor matrix

3.5.    Technology & innovation landscape

3.5.1.    Artificial Intelligence (AI)

3.5.2.    Augmented reality (AR)/Virtual Reality (VR)

3.5.3.    Biometrics

3.5.4.    Blockchain

3.6.    Regulatory landscape

3.6.1.    North America

3.6.2.    Europe

3.6.3.    Asia Pacific

3.6.4.    South America

3.6.5.    MEA

3.7.    Industry impact forces

3.7.1.    Growth drivers

3.7.1.1.    Demand for mobile and wearable payment devices in North America

3.7.1.2.    Growing demand for biometric contactless smart cards in the U.S. and Europe

3.7.1.3.    Increasing penetration of smartphones in Asia Pacific and South America

3.7.1.4.    Proliferation of RFID tagging in Japan

3.7.1.5.    Demonetization effect in India

3.7.1.6.    Rising adoption of technology by merchants for small value transactions

3.7.1.7.    Reduced transaction time and increased convenience

3.7.2.    Industry pitfalls & challenges

3.7.2.1.    Lack of consumer awareness

3.7.2.2.    High cost of deployment

3.7.2.3.    Rules and regulations imposed by banks and payment associations

3.8.    Growth potential analysis

3.9.    Porter’s analysis

3.9.1.    Supplier power

3.9.2.    Buyer power

3.9.3.    Threat of new entrants

3.9.4.    Threat of substitutes

3.9.5.    Internal rivalry

3.10.    PESTEL analysis

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This content has been published by Global Market Insights, Inc company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at [email protected].

About the author

Avatar of Juergen T Steinmetz

Juergen T Steinmetz

Juergen Thomas Steinmetz has continuously worked in the travel and tourism industry since he was a teenager in Germany (1977).
He founded eTurboNews in 1999 as the first online newsletter for the global travel tourism industry.

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