Key Development of Global Contactless Payment Market 2021, Company Profile Analysis: Company Growth with Future Trends and Major Players: Advanced Card Systems Limited, Chip & PIN Solutions Ltd


“” Analysis and forecasts of the global contactless payment market up to 2030 ″ “

Global Contactless Payment Market, By Type (Hardware (Smart Cards, Point of Sale Terminals, and Smart Card Readers) and Software (Smart Card Reader Drivers, Point of Sale Software, Programming Interface) applications, software development kit (SDK) and mobile applications)), by payment method (contactless card (NFC / RFID), wearable device and contactless mobile payment), by end-use sector (banking, financial services and insurance (BFSI), retail trade, public sector, transport and logistics, hotels.

Global contactless payment market amounted to US $ 10.7 billion in 2020 and is estimated to be US $ 31.82 billion by 2030 and is expected to register a CAGR of 11.5%. Contactless payment frameworks are credit cards and debit cards, key chains, smart cards or other devices, including cell phones and other cell phones, which use radio frequency identification ( RFID) or nearby to handle correspondence (NFC, e.g. Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any contactless-enabled portable banking app) to make secure payments. The implanted integrated circuit chip and radio wire allow shoppers to wave their card, comb or handheld gadget while reading at the retail location terminal. Contactless payments are made in close proximity, not at all like the various types of portable payments that use large regional cellular networks or WiFi and do not include actual proximity. EMV is a typical standard used by major Visa and mobile phone organizations for daily use. Contactless acquisition cards that can serve as put away value cards are increasingly well known for use as master travel fare cards, for example the Oyster card or the RioCard. These can often store non-cash values ​​(like monthly passes), in addition to toll values ​​purchased in cash or electronically. A few providers guarantee that exchanges can be twice as fast as a traditional purchase of money, credit or debit card. Since no signature or PIN code verification is normally required, contactless purchases are usually limited to less popular transactions. The absence of confirmation gives a window during which fraudulent purchases can be made while the owner of the card is not informed of the misfortune of the card.

Analyst view and impact of COVID on the Contactless Payment market:

The growing demand from merchants and consumers to reduce billing and transaction time will propel the growth of the market. The security and safety of cash exchanges is the main concern of customers and traders. Different drivers, such as escalating government efforts and advancements in systems administration for advancing wise arrangements, are used to fuel market development. A few government organizations around the world allow their suppliers to make payment arrangements in advance. The COVID-19 epidemic is having a positive effect on the market. The COVID-19 pandemic has primarily affected the market due to the expansion in the reception and use of digital and online remittance techniques across the world. In addition, to control the spread of the infection, various government departments have forced the lockdown, resulting in a drop in the use of the money. In any case, the rise of the digital onslaught and the absence of a framework in the creation of economies are invoked to hamper the development of the market.

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Main strengths of the contactless payment market:

  • In 2020, CPI Card Group introduced dual interface metal cards in January 2020, which combine high quality design with contactless capabilities.
  • Mobeewave and IDEMIA announced an extension of their agreement in October 2019 to implement secure mobile point of sale and rate validation across Australia.
  • Wirecard and Sisal Group signed a contract in the field of contactless payment solutions in August 2019.

Key market insights from the report:

The global contactless payments market was worth US $ 10.7 billion in 2020 and is estimated to be worth US $ 31.82 billion by 2030 and is expected to register a CAGR of 11.5%. The global contactless payment market has been segmented on the basis of type, payment method, end-use industry and region.

Competitive landscape and their contactless payment market strategies:

Major players operating in the global contactless payment market include Advanced Card Systems Limited, Chip & PIN Solutions Ltd, Placard Pty Ltd, Ingenico Inc., Gemalto NV, VeriFone Systems, Inc., Heartland Payment Systems, Inc., On Track Innovations Ltd. , Castles Technology Co., Ltd. and Bindo Labs, Inc. Major players operating in the target market focus on strategic partnerships as well as product launches in order to gain competitive advantage in the target market.

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Global Contactless Payment Market, By Type:

Global contactless payment market, by payment method:

  • Contactless card (NFC / RFID)
  • Portable device
  • Contactless mobile payment

Global Contactless Payment Market, By End User:

  • Banking
  • Financial and Insurance Services (BFSI)
  • Retail
  • Public sector
  • Transport and logistics
  • Hospitality
  • Media and entertainment

The market provides detailed information on the industrial base, productivity, strengths, manufacturers, and recent trends that will help companies to expand their business and promote financial growth. Further, the report presents dynamic factors including segments, sub-segments, regional markets, competition, dominant key players, and market forecast. In addition, the market includes recent collaborations, mergers, acquisitions and partnerships as well as regulatory frameworks in different regions impacting the market trajectory. Recent technological advancements and innovations influencing the global market are included in the report.

Some important points addressed in this market report are given below:

  • Explains an overview of the product portfolio, including product development, planning and positioning
  • Explains the details of key operational strategies with an emphasis on R&D strategies, company structure, location strategies, production capacities and financial performance of various companies.
  • Detailed analysis of market revenues over the forecast period.
  • Examine various market perspectives using Porter’s Five Forces Analysis, PEST & SWOT Analysis.
  • Study on which segments are expected to dominate the market.
  • Study on the regional analysis expected to register the highest growth over the forecast period

Associated reports:

Global mobile payments market, by purchase (airtime transfer and top-ups, money transfers and payments, merchandise and coupons, travel and ticketing and digital products), by type (proximity payment (near-field communication (NFC ) and payment by QR code)) and remote payment (by SMS, USSD / STK, direct billing by the operator (by credit / debit card) and digital wallet) and by region (North America, Europe, Asia- Pacific, Latin America, Middle East and Africa) – Trends, analyzes and forecasts to 2029

Global real-time payments market, by type of payment (person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) and others), by component (solutions (payment gateway solution), solution payment processing, payment security and fraud management solution) and services (professional services and managed services), by deployment models (on-premise and cloud) and by region (North America, Europe, Asia-Pacific , Latin America, and Middle East and Africa) – Trends, Analysis and Forecast to 2029

Market Snapshot

  1. Analysis of market dynamics, regulations and trends
  • Market dynamics
  • Disaster recovery impact analysis
  • PEST analysis
  • Porter’s Five Forces Analysis
  • Opportunity orbit
  • Market investment feasibility index
  • Analysis of macroeconomic factors
  • Market estimate
  • Top-down approach
  • An in-depth approach
  • Market breakdown and data triangulation
  • Research hypotheses
  • Conductors
  • Constraints
  • Market opportunities
  • Market trends
  • Approach to estimate market share by top-down analysis (supply side)
  • Approach to estimate market share by bottom-up analysis (demand side)

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing / sales strategy and solutions that provide strategic and tactical support to clients to make informed business decisions and to identify and realize high value-added opportunities in the field. target activity. We also help our clients overcome business challenges and provide the best possible solutions to overcome them and transform their business.

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