A key factor analyzed by GMI for contactless payment market growth includes the rising adoption of smart cards worldwide, owing to a need for faster and more secure transaction methods at commercial establishments. Smart cards usually come equipped with a tiny chip and can use communication technologies like near-field communication (NFC) or radio-frequency identification (RFID) for transmitting information to a device and compete a payment.
These cards facilitate easy transactions and enable businesses to accept payments quickly, while saving time for a rushed customer. Large number of banking customers are expected to opt for smart cards instead of traditional credit cards over the next few years. Increasing demand for smart point of sale (POS) devices among small and medium sized businesses will drive contactless payment market trends over the forecast period.
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BFSI, retail and healthcare would be some of the key application segments in the contactless payment market. Paying medical bills at hospitals or pharmacy constitutes a significant share of the total consumer expenditure. It has been observed that patients must shell out more from their pockets as the health and insurance sectors are evolving. In the U.S., patient payments had reportedly reached a total of USD 423.8 billion in 2016, indicating the considerable opportunities for payment solution providers to tap into a promising application segment.
Contactless payment solutions help customers cut down processing times at hospitals and avoid queues at pharmacies. In addition, it has been reported that on an average, healthcare providers are able to collect only about 54% of their outstanding receivables, endorsing the need for effective payment systems at hospital systems, doctor’s clinics and dental practices. Growing installation of POS systems at healthcare facilities to accommodate payments through smart cards and mobile wallets will undoubtedly strengthen demand for contactless payment industry.
Significant growth will be observed in the North America region, which is home to some of the most advanced retail, banking and healthcare facilities in the world. Presence of numerous technology companies has given countries like U.S. and edge in terms of providing the latest POS devices and security management services. Although the region was slow to adopt contactless payments due to lack of terminals at merchants, introduction of technologies like EMV chips have encouraged businesses to keep new contactless payment terminals, since they accept EMV cards.
Verifone had entered into a partnership with Mastercard in 2018 for enabling all its payment devices in North America to accept Mastercard EMV transactions, including contactless. The collaboration was aimed at providing more payment options to consumers that are fast and secure. Such initiatives to form lucrative partnerships with payment solution providers will expand North America contactless payment market size.
This report provides a detailed and comprehensive analysis on the “Contactless Payment Market”, including:
- Contactless payment market size, historical from 2014 to 2018 and annual forecast from 2019 to 2025
- Major contactless payment industry trends, technology evolution, economic indicators and business challenges
- Regulatory and geopolitical trends impacting the industry
- Business drivers and pitfalls impacting key regional markets
- Competitive landscape of the industry and detailed profiles on the major companies
Companies mentioned in the report include:
- Giesecke & Devrient GmBH
- Heartland Payment Systems, Inc.
- Ingenico Group
- Inside Secure
- Oberthur Technologies SA
- Wirecard AG
- Verifone Systems
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