Market Dynamics

Government of developed and developing countries is focused on adopting cashless economy system and consumers are adopting cards and online payment systems for day to day payment. In 2016, more than 95% of Canadian credit cards were contactless and over 75% of retailers accept contactless payments. This are some major factors expected to drive the growth of the global market.

The government of developing economies is focused on lowering the incidences of frauds by implementing various rules and regulation in order to facilitate easy payment system. This is another factor expected to support the growth of target market. Collaborative work between the public and private players in order to facilitate the secure transaction system is expected to further support the growth of target market

• In 2019, Government e-Marketplace partnered with Central Bank of India in order to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of electronic Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal.

Major players are focused on increasing the customer base and enhance the profit ratio through strategic merger and partnerships are expected to impact the growth of the global market. Major players focus on partnering with the small and mid-size enterprises overseas in order to increase the regional presence.

• In 2019, Global Payments Inc., partnered with Desjardins Group, the leading cooperative financial group in Canada. As per the agreements Global Payments Inc would acquire its existing merchant acquiring business and portfolio of approximately 40,000 merchants. This will help the company to strengthen its position in Canada market.

However, rising concern related to data security and lack of advanced infrastructure in developing countries are factors expected to hamper the growth of global market. In addition, high cost associated to deployment of contactless technologies is expected to challenge the growth of target market.

High investment by major players for development of present online payment infrastructure and data security and introduction of new payment system are factor expected to attract new customers further expected to create new opportunities over the forecast period.

Contactless Payment Market Segment Analysis, 2019

The global contactless payment market is segmented into device, solution, and application. The device segment is bifurcated into Smartphone and wearable, point-of-sale terminals, and smart cards. Among device type the point-of-sale terminals segment is expected to witness faster growth over the forecast period.

Segment Analysis by Region

The market in North America is expected to account for major revenue share owing to availability of advanced infrastructure in order to carry easy online and card payments. In addition, presence of major players operating in the country, coupled with approach towards increasing the customer base is expected to impact the target market growth in this region.

Asia Pacific is expected to witness faster growth in the near future owing to high government spending on development of present payment infrastructure. In addition, developing regulation related to online payment and collaborative work is another factor expected to support the growth of target market in this region.

Competitive Landscape

Presence of large number of players operating on regional and international level is increasing the competition. In addition, business development activities and introduction of new apps and payment system are factors further augmenting the market competition.

Report coverage

The market research study on “Contactless Payment Market (Device: Smartphone and wearable, Point-of-sale terminals, and Smart cards; System: Payment terminal solution, Transaction management, Security and fraud management, and Hosted point-of-sale Analytics; Application: Retail, Transportation, Healthcare, Hospitality, and Government) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020. - 2027”, offers a detailed insights on the global contactless payment market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global contactless payment market device, system, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global contactless payment market size and segment markets by device, system, application and geography along with the information on companies operating in the market. The contactless payment market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Verifone, Ingenico Group SA, On Track Innovations Ltd., Oberthur Technologies (OT) Morpho, Thales Group, and Wirecard AG.

Market Segmentation

Market By Device

• Smartphone and wearable
• Point-of-sale terminals
• Smart cards

Market By System

• Payment terminal solution
• Transaction management
• Security and fraud management
• Hosted point-of-sale
• Analytics

Market By Application

• Retail
• Transportation
• Healthcare
• Hospitality
• Government

Market By Region

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa