Contactless payments are electronic transactions that use the power of the Internet to help individuals accept payments for services with ease. These payments work through the use of contactless smart cards or other electronic devices, such as smart key fobs and smart cards, credit cards, or any other similar devices, which use radio frequency identification (RFID) or near field communications to make secure electronic payments.
Contactless payments can be very convenient and have a number of advantages over conventional cash or check transactions. For example, with electronic payments, there is no need to enter a pin, password, or security code. This eliminates the hassle of having to carry cash around in order to process a payment or receiving an envelope in the mail with a special label attached that states a security code. Electronic payments also eliminate the risk of receiving unwanted or unanticipated bills, gifts, or even packages.
The global contactless payments market accounted for US$ 11.2 bn in 2019 and is expected to reach US$ 26.3 bn by the end of 2027, growing at a CAGR of 12.9%.
The most common form of contactless payments is the magnetic stripe swipe, which can be found on credit and debit card readers in retail stores and at many airports. However, the magnetic strip swipe is prone to fraud, since anyone can place the magnetic strip on a magnetic strip reader and take it to another location to obtain a magnetic stripe reader. Because of this vulnerability, many merchant establishments have installed chip and pin technology on their credit or debit card readers. Contactless payments are also becoming popular with consumers who use credit cards.
Increasing adoption of smartphones is expected to propel growth of the global contactless payments market over the forecast period. For instance, according to Pew Research Center, as of February 2019, 81% of U.S. adults used smartphones compared to 77% in October 2018.
Moreover, increasing internet penetration is also expected to aid in growth of the global contactless payments market. For instance, according to China government-backed Market Intelligence & Consulting Institute and reported by China Internet Watch, internet penetration in China reached 61.2 percent in the first half of 2019, with 854 million internet users at the end of June 2019.
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Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global contactless payments market. For instance, globally, as of 3:33pm CET, 17 November 2020, there have been 54,771,888 confirmed cases of COVID-19, including 1,324,249 deaths, reported to the World Health Organization.
Moreover, significant growth in the e-commerce sector is also expected to aid in growth of the global contactless payments market. For instance, according to India Brand Equity Foundation, the e-commerce sector in India is expected to reach US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.
Major players operating in the global contactless payments market are focused on adopting collaboration strategies to enhance their market share. For instance, in October 2020, Ingenico Group partnered with Worldline, a France-based payment and transactional services company, in order to enable sustainable and profitable economic growth for banks, merchants and the entire payments ecosystem.
Major players operating in the global contactless payments market are also focused on launching new products to expand their product portfolio. For instance, in October 2018, Verifone introduced EZ-Receipt, a software cloud-based technology that seamlessly generates an electronic receipt at the pump, creating a fast and simple pay-and-go payment experience.
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Major players operating in the global contactless payments market include Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone Holdings, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc.
Contactless Payments Market -
By Device Type
- Smart Cards
- NFC Chips
- Solution and Services
- Integration and Deployment
- Support and Maintenance
- Energy & Utilities
- Transportation & Logistics
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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