Lower transaction time, higher operational efficiency, and growing government initiatives for digital payments to increase deployment of contactless payment solutions across the globe through 2022. According to TechSci Research report, “Global Contactless Payment Market By Device Type, By Component, By Solution, By End User, By Region, Competition Forecast and Opportunities, 2012-2022”, the global contactless payment market is projected to register a CAGR of over 24% during 2017 – 2022.
The Important Elements of the Contactless Payment Market
Growth in the market is led by the rising number of government initiatives for promoting digital payments coupled with continuously increasing penetration of the internet and smartphones, globally. Moreover, contactless payments offer more security in transactions and also reduce the time for making payments, which is further driving the global contactless payments market. In addition, banks are also playing a pivotal role in leveraging contactless payment solutions as they are now increasingly distributing credit/debit cards with the contactless feature, especially in Europe, Canada, and Australia.
For instance, in Europe, it is becoming a mandate that every point of sale terminal is contactless payment-enabled, and by 2020, every POS in the majority of European countries is expected to have a contactless payment feature. Furthermore, the growing millennial population using smartphones with NFC capability is also positively impacting the global contactless payments market.
Browse 108 market data Tables and 84 Figures spread through 227 Pages and an in-depth TOC on the “Global Contactless Payment Market“.
Among all the solution segments of contactless payments, the payment terminal solution held the largest market share in 2016, and the segment is expected to maintain its dominance through the forecast period. The dominance of this segment can be attributed to their requirement in accepting any sort of contactless payments, either through contactless cards or smartphones. However, the security & fraud management solution segment is expected to grow at the fastest CAGR during the forecast period due to a growing number of security concerns.
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Among the end-use segments, the retail sector dominated the market with the increasing implementation of contactless payment solutions due to the large customer base and a huge volume of payment transactions to be handled on a daily basis. Among regions, Europe leads the contactless payments market across the globe, followed by North America and Asia-Pacific. “Growing adoption of contactless payments solutions and services across various sectors is expected to grow immensely owing to its large benefits in terms of security, efficiency, convenience, and time. Moreover, growing awareness among people about the contactless payment solutions would further steer the growth in the contactless payment market across the globe in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Contactless Payment Market By Device Type, By Component, By Solution, By End User, By Region, Competition Forecast and Opportunities, 2012-2022” has evaluated the future growth potential of the global contactless payments market and provides statistics and information on market structure, size, share and future growth of global contactless payments. The report is intended to provide cutting-edge market intelligence and help decision-makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global contactless payment market.
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