Global Contactless Payment Market was valued at USD 9.8 billion in 2019 which is expected to reach USD 18.85 billion by 2027 at a CAGR 11.9%.
Contactless payment method is important part of payments process in various industries. Many businesses are rapidly accepting contactless payments that are safe and highly convenient method. Basically contactless payment service is provided by banks. It is secure way of purchasing services or goods by using smart cards.
Information technology is a notion which explains the functioning of computers and the way they operate. Communication technology is the process of enabling communication between users. Communication technology involves devices ranging from computers, faxes, telephones, radios, and others.
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Rise in adoption of new emergent system owing to technological advancements is the key driving factor which is expected to boost the global contactless payment market growth. For instance, in April 2020, Upgrade Inc., had launched first contactless and mobile payment versions of Upgrade card. It is available in digital form through Google pay and Apple pay. Furthermore, increase in penetration of smartphones will raise the need of contactless payment which is expected to propel the market growth. Moreover, increase in COVID 19 pandemic will have the positive impact on global contactless payment market growth. Due to increase in number of positive or confirmed cases of COVID 19 demand of contactless payment is increased. Contactless payments are helpful to protect consumers against COVID 19.
However, safety and privacy concern is the challenging factor which is expected to hamper the global contactless payment market growth. Also, huge cost associated with deployment will affect the growth of global contactless payment industry.
Global Contactless Payment Market is segmented into devices such as Smart Cards, NFC Chips, Point of Sale Terminals, Mobile Handsets, and Others. Further, Global Contactless Payment Market is segmented into component such as Services (Professional Services, Multi-Channel Payment Services, and Managed Services), and Solutions (Device Management Solution, Data Management Solution, Contactless Mobile Payment Solution, and Others), and by vertical such as Government, IT and Telecommunication, Healthcare, BFSI, and Others.
Also, Global Contactless Payment Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The primary research procedure is based on results of face to face interviews with industry experts and consumers. The secondary research process includes an intricate study of the scholarly journals and reports available online.
Market Key Players
Various key players are discussed in this report such as Heartland Payment Systems, Inc, Verifone Systems, Inc, Oberthur Technologies SA, Wirecard AG, Inside Secure, Giesecke & Devrient GmbH, Proxama, PLC, Ingenico Group, and Gemalto N.V.
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