Contactless Payment Market Trends
Market Scope
Market Research Future (MRFR)’s latest study confirms that the Contactless Payment Market Trends 2020 can record a growth rate of 11.2% over the evaluation period (from 2019 to 2025). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Top Boosters and Main Barriers:
The COVID-19 outbreak has affected almost every sphere of the global economy. People are now practicing social distancing following the lockdown imposed across countries, in conjunction with multiple corporate workers now working from home. Although SARS-CoV-2 has been a dreadful event for many of the worldwide industries, the Contactless Payment Market Trends seems to be doing quite well, since the fear of the novel coronavirus disease has steered people’s focus on secure payment modes. The rising use of smart phones, the expanding internet infrastructure, and the remarkable surge in the app-based economy have also compelled innovators to opt for digital payments, and in particular, for contactless payments. In the past few years, the dependency on cash as well as traditional means of banking has gone down, in turn, driving the demand for contactless payments.
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The chaotic environment induced by the pandemic has also brought contactless payment to the forefront, especially with the rising use of radio frequency identification (RFID) technology or near-field communication (NFC). The expanding worldwide urban population has boost the need for convenient but faster transaction modes, with even higher demand for enhanced customer experiences, which is yet another reason for the rising popularity of contactless payments. Another plus point of contactless payments, especially in these uncertain times, is it that people from different fields are still able to perform commercial activities without being exposed to SARS-CoV-2.
Government, banks and other financial institutes are coming up with various features that integrated into contactless payments to further mitigate the COVID-19 impact. For instance, in June 2020, BNP Paribas added the biometric authentication feature to contactless payments to address the problems induced by the novel coronavirus. The French bank has started offering a Visa card that has the ability of storing fingerprint information. Customers will now able to make contactless payments of higher-value with this new card.
Market Segmentation:
The Contactless Payment industry has been considered for sections such as technology, component, payment mode along with vertical.
The key technologies covered in the market study are near field communication, host card emulation and radio frequency identification.
The component-wise market sections can be solution, service and hardware.
Payment modes studied in the report include smartcards, smartphones, and more.
Vertical-wise market segmentation comprises healthcare, BFSI, transportation & logistics, media & entertainment, hospitality & travel, retail, and more.
Regional Insight:
South America, Asia Pacific/APAC, the Middle East & Africa, North America and Europe are the primary markets for contactless payment.
Europe can emerge to be the market leader in the coming years, backed by the huge number of renowned vendors like Ingenico, Valitor and Wirecard present in the region. Europe is a fragmented market, which is governed by multi-languages as well as multi-currencies. There is a diverse range of nations, among which the technologically and economically ones are Germany and the UK. In these countries, the overall contactless spending is quite significant, along with the surge in the use of contactless cards as well as terminals by the card vendors like Mastercard and Visa, which has made contactless payment a thriving market in the region.
The APAC market’s expansion in the following years can be at the fastest rate, presumes MRFR. The report cites the rising use of electronic payment technologies to be a chief growth booster in the market. APAC consists of some of the fastest developing nations like India and China, in addition to the promising South East Asian economies like Singapore, Philippines, Indonesia, and others that are rapidly taking up the latest technologies to keep pace with other economically advanced countries in the world. Moreover, the region is a significant testing ground in terms of contactless payment, given its penetrable and expanding financial infrastructure, which could be a massive growth enhancer for the Contactless Payment Market Trends.
Key Industry Competitors:
Wirecard AG (Germany), Idemia (France), Mypinpad (London), CPI Card Group (US), Alcenio (France), Identiv (US), Valitor (Iceland), On Track Innovations (Israel), Paycore (Turkey), Giesecke+Devrient (India), Gemalto NV (Netherlands), Ingenico (France), Infineon Technologies (Germany), Verifone Holdings, Inc (US), are some of the key industry competitors outlined in the MRFR market study.
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Latest Updates:
July 2020:
O-CITY, BPC bank’s transport payment department, has become a member of the Visa Ready for Transit program. This move is expected to boost the availability of the company’s contactless payment technology, leading to its higher adoption across the globe.
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