May 21, 2020
According to the research report titled ‘Global Contactless payment Market Size study, by Component ( Hardware , Solutions, Services), by Vertical (Retail, Healthcare, Hospitality, Energy and Utilities, Transportation and Logistics, Banking, Financial Services and Insurance, Others), by Technology (NFC based , RFID based, Others), by Payment Mode (Smartphones, Smartcards, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global contactless payment market generated USD 9.3 billion in the year 2019 and is expected to exhibit a CAGR of 11.7% between 2020 and 2026.
Notably, a contactless payment system allows for safe transactions through smartphones, debit cards, credit cards, and others. This payment method helps in improving the overall efficiency of transaction as well as provides with better convenience as compared to traditional payment systems such as electronic transaction. Transaction speed can be extensively amplified as customers can instantly complete payments through a simple tap of a card.
Technological advancements in contactless payment systems, rising frequency of purchases, and increasing awareness pertaining to plastic money are major factors driving the market growth. In January 2020 for instance, CPI Card Group introduced dual interface metal cards that are a unique combination of contactless capabilities and high-quality design. Similarly, Wirecard and Sisal Group entered a joint venture agreement in August 2019 to develop contactless payment solutions.
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Rising adoption of security features for developing technologies such as blockchain and 5G is also stimulating the industry outlook. However, the report cites that high deployment costs may act as a hindering factor to the market growth in the coming years.
As per component type, the contactless payment market is split into services, solutions, and hardware. In terms of vertical, the industry is divided into BFSI, transportation & logistics, energy & utilities, hospitality, healthcare, retail, and others. By technology, the market is bifurcated into RFID based, NFC based, and others, whereas based on payment mode, the industry is categorized into smartcards, smartphones, and others.
Considering the geographical hierarchy, North America contactless payment industry is poised to acquire substantial returns in the forthcoming years, primarily due to rising penetration of smartphones and advancements in smart chip technology. Meanwhile, the Asia-Pacific market is anticipated to record notable growth during the forecast period. Rising per capita income and increasing popularity of contactless payment solutions are promoting regional revenues.
Bindo Labs Inc., Castles Technology Co. Ltd., On Track Innovations Ltd., Heartland Payment Systems Inc., Verifone Systems Inc., Germalto N.V., Ingenico Inc., Mifare Pty Ltd., Chip & Pin Solutions Ltd., and ACS (Advanced Card Systems) Ltd. are the major contenders in global contactless payment industry.