Contactless Payment Market
Market Snapshot:
At a time when digitalization has transformed the way we interact with the world around us, contactless payment has emerged as a revolutionary method of conducting transactions that is both secure and convenient. In the wake of the COVID-19 pandemic, contactless payment has gained even more popularity as it eliminates the need for physical contact and reduces the risk of transmission of the virus. In this article, we will explore the benefits of contactless payment and why it is the future of secure and convenient transactions.
According to MRFR, lobal Contactless Payment Market is expected to register a CAGR of 11.2% during the review period of 2019 to 2025.
Market Highlights:
A variety of factors lead to the growth of contactless payment systems such as innovation of contactless payment technologies, increased recognition among buyers of plastic currency, increased purchasing frequency and the need for quick checkout time without the hassle of waiting in long queues. Contactless payment is growing further, making itself a convenient platform for consumers and merchants, advertisers and marketers alike. The need for faster and more efficient payment methods are key factors driving market growth. With the increasing integration of contactless payment technology into mobile handsets and smart phones, demand for contactless payment solutions has grown immensely across all countries.
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What is Contactless Payment?
Contactless payment is a type of transaction that allows customers to pay for goods and services without having to swipe or insert their credit or debit card. Instead, contactless payment uses Near Field Communication (NFC) technology to transfer payment information between the customer's card and the merchant's payment terminal. All the customer has to do is hold their card close to the terminal to complete the transaction. This technology has been in use for several years now, but it is only recently that it has gained widespread acceptance due to the pandemic.
Benefits of Contactless Payment:
- Security:
One of the most significant benefits of contactless payment is that it is more secure than traditional payment methods. When you use a contactless card, the payment terminal generates a unique code for each transaction, making it much more difficult for fraudsters to steal your card details. Additionally, since contactless payment doesn't require you to hand over your card to a merchant, there is no risk of skimming, where someone could steal your card details using a handheld device.
- Convenience:
Contactless payment is incredibly convenient, as it eliminates the need for cash and reduces the time it takes to complete a transaction. All you have to do is hold your card near the payment terminal, and the transaction is complete. This is especially useful in busy environments, such as supermarkets or cafes, where long queues can cause frustration and delays.
- Hygiene:
Since contactless payment doesn't require any physical contact between the customer and the merchant, it is an excellent way to reduce the risk of transmission of viruses and bacteria. This has become especially important during the COVID-19 pandemic, where social distancing and contactless transactions have become the norm.
- Fast Transactions:
With contactless payment, transactions are completed much faster than with traditional payment methods. This means that businesses can process payments more quickly, resulting in shorter queues and improved customer satisfaction.
- Low Transaction Fees:
Contactless payment also benefits businesses, as it can reduce the cost of transactions. This is because contactless payment has lower transaction fees than traditional payment methods, such as debit or credit card payments.
The Future of Contactless Payment:
With the increased popularity of contactless payment due to the COVID-19 pandemic, it is clear that this technology is here to stay. In fact, many experts predict that contactless payment will become the preferred method of payment in the future. This is because it is not only more secure and convenient than traditional payment methods, but it is also much faster and can save businesses money.
A big change is under way in the retail vertical. Retailers are modernizing their brick-and - mortar shops to offer quality customer support and opening up online outlets to raise sales. To improve their exposure and business reach, they are embracing disruptive innovations, such as cloud storage, big data analytics, physical shops and social networking. Retailers also take advantage of contactless payments, which have a shortened checkout period, increased revenue, improved operational efficiency, and diminished operating costs. Mobile payments at retail stores have helped accelerate the transaction process and decrease counter queues.
The lack of awareness of contactless payment offers, however, and the lack of adequate infrastructure are hampering market growth. The initial implementation cost, policy restriction on the number of contactless payment transactions per day and the amount cap that can be transacted per day are few contactless payment shortfalls that impede the growth of the contactless payment industry. The risk of spyware, malware, and virus attacks resulting from the use of numerous systems is limiting the global adoption of contactless payment.
Market Segmentation:
The Global Contactless Payment Market has been segmented based on component, payment mode, technology, vertical, and region.
Based on Technology, the market has been segmented into near field communication, radio frequency identification, and host card emulation.
Based on the Component, the market has been segmented into solution, hardware, and service. The hardware segment has been segmented into point of cards, sale, and others. The services segment has been segmented into integration and deployment, consulting, and support and maintenance.
By Payment Mode, the market has been segmented into smartcards, smartphones, and others.
By Vertical, the market has been divided into hospitality & travel, BFSI, retail, transportation & logistics, healthcare, media & entertainment, and others.
Regional Appraisal:
The regional Contactless Payment industry has been geographically classified as North America, Europe , Asia-Pacific, Middle East & Africa , and South America.
Due to the presence of key industry players, such as Wirecard, Ingenico and Valitor, Europe is projected to lead the market with the largest share in the forecast era. In terms of market share, the contactless payment industry in Europe is the largest and is strongly fragmented based on multi-currency and multi-language. The region includes a diverse range of countries, from economically and technologically advanced countries like the United Kingdom and Germany to heavily debt-ridden countries like Greece and Austria. The leading countries on the European market are UK, Poland, Spain and Germany. With the growing proliferation of contactless cards and terminals by card providers, such as Visa and Mastercard, overall contactless spending in these countries has risen.
Owing to the growing use of electronic payment technologies, the Asia-Pacific Region is expected to progress to the highest CAGR during the forecast period.
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Key Players:
The Global Contactless Payment Market is characterized by the presence of several regional and local providers. Some of the key players in the market are Infineon Technologies (Germany), Gemalto NV (Netherlands), Idemia (France), Verifone Holdings, Inc (US), CPI Card Group (US), On Track Innovations (Israel), Wirecard AG (Germany), Ingenico. (France), Giesecke+Devrient (India), Identiv (US), Valitor (Iceland), Mypinpad (London), Idemia (France), Paycore (Turkey), and Alcenio (France).
In conclusion, contactless payment is the future of secure and convenient transactions. It offers numerous benefits, including increased security, convenience, hygiene, faster transactions, and lower transaction fees. As the world becomes more digitized, contactless payment is set to become the preferred method of payment, and businesses that fail to adapt to this trend risk being left behind. If you haven't already, it's time to start accepting contactless payment at your business to take advantage of the many benefits it offers.
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