Global contactless payment market projected to reach $ 6.25 trillion by 2028
DUBLIN, December 13, 2021 / PRNewswire / – The report “Global Contactless Payment Market Size, Share & Trends Analysis Report by Device, by Solution (Payment Terminal Solution, Security & Fraud Management), by Application, by Region, and Segment Forecasts, 2021-2028” a been added to ResearchAndMarkets.com offer.
The global contactless payment market size is expected to reach $ 6.25 trillion by 2028.
It is expected to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduced transaction time offered by contactless payments, are expected to propel the growth of the market. market during the forecast period.
Customers can immediately complete transactions with the tap of a card. The increasing integration of contactless payment technologies in smartphones and mobile phones is expected to fuel the growth of the market.
Many customers around the world purchase services or products using devices, such as wearable devices, key chains, smart cards, and smartphones, among others. Hence, it is expected to drive the market growth during the forecast period.
Contactless payment uses near-field communication (NFC) and radio frequency identification (RFID) technologies to facilitate money transactions. Various advantages, such as real-time transaction processing and secure transactions, are driving the adoption of contactless payment solutions.
An increase in the adoption of technology by wholesalers or traders for low value transactions is further expected to propel the growth of the market.
The outbreak of the COVID-19 pandemic is expected to have a favorable impact on the market. The COVID-19 outbreak is expected to change the payment behavior of users and businesses, as the World Health Organization (WHO) has advised customers to avoid cash handling and switch to contactless payments. This is expected to create growth opportunities for the market during the forecast period.
Highlights of the Contactless Payments Market Report
- Rising demand for secure and reliable payment transactions across the globe is expected to propel the growth of smart card segment during the forecast period
- Many banks around the world are focusing on integrating an integrated machine learning (ML) and artificial intelligence (AI) solution for security and fraud management to secure their payment transactions.
- The COVID-19 pandemic has prompted retailers around the world to turn to technology to help their businesses increase productivity, better plan and effectively serve their customers. Hence, this is expected to create growth opportunities for contactless payment solutions in the retail industry.
- The presence of a large number of leading players in the market North America is expected to create growth opportunities for regional market growth during the forecast period
Key topics covered
- Market segmentation
- Contactless payment market size and growth prospects
- Contactless payment market value chain analysis
- Market dynamics
- Market Driver Analysis
- Growing adoption of digital payment platforms
- Increased customer convenience for low value payments
- Technological innovation in contactless payment devices and services
- Analysis of market constraints
- Cyber attack risk
- Lack of infrastructure in developing economies
- Analysis of market opportunities
- Emerging digital currency
- Key Opportunities – Prioritized
- Key business analysis, 2020
- List of the main market players
- Industry Analysis – Porter’s Five Forces Analysis
- Contactless payment market – PESTEL analysis
- Major Industry Regulatory Initiatives, 2020
Contactless Payment Market: Device Estimates and Trend Analysis
Contactless payment market: solution estimates and trend analysis
Contactless payment market: app estimates and trend analysis
Contactless payment market: regional estimates and trend analysis
- Gemalto SA
- Visa inc.
- Giesecke & Devrient GmbH
- Heartland Payment Systems
- Verifone Systems Inc.
- Ingenico Group SA
- On Track Innovations (OTI) Ltd
- Oberthur Technologies Morpho
- Thales Group
- Wirecard SA
For more information on this report, visit https://www.researchandmarkets.com/r/n3o5fi
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SOURCE Research and Markets