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Contactless Payment Expected to Boost the Demand over North America

 Contactless payment is a secure transaction for a buyer to purchase products by using NFC (near-field communication) or RFID (radio-frequency identification) technology. Contactless payment is a convenient and easy alternative to cash payment in which the client can make payments utilizing chip cards like credit or debit ones. The dramatically rising digitalization and consumer preference for innovative transactions are one of the key factors for the growth of the global contactless payment

this technology also offers key advantages like cryptography security features, virtual card provisioning, remote deactivation, and biometric authentication. These key elements are expected to boost the demand for the contactless payment market, woldwide, over the projected period.

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contactless payment industry for Europe is expected to rise at a significant CAGR of 11.7%, registering revenue of $6,305.5 million, over the forecast period. The contactless payment industry for North America had a dominating market share and it has generated a revenue of $3,045.5 million in 2018 and it is expected to reach upto $6,712.3 million.

Significant contactless payment industry players include Ingenico Group., Infineon Technologies AG., VERIMATRIX, C.Bitel., VeriFone, Inc., SumUp Inc., Paycor, Inc, Castles Technology, On Track Innovations LTD., and Alcineo.

The risk of lost contactless/chip cards can be higher. Moreover, the higher cost associated with the deployment of contactless payment technologies can restrain the growth of the global.

The massive evolution of the digital economy is one of the significant areas that is expected to register a remarkable revenue in the global contactless payment market. The growing demand for digital platforms of the economy is mainly because of its capability to collect, use and analyze high amounts of machine-readable information. Also, the significant rise of internet shopping coupled with the enormous rise of Apple Pay, GooglePay, contactless debit/credit cards, and smartwatches may generate massive opportunities for the contactless payment industry growth.

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On the basis of devices, the contactless payment Industry is broadly categorized into NFC Chips, Mobile Handsets, Smart Cards, Point of Sale Terminals, and Others. The mobile handsets segment for the contactless payment industry will have the highest market share and it is projected to cross $5,288.5 million by 2026.

On the basis of industry verticals, the contactless payment industry is fragmented into government, transportation, retail, IT & telecom, hospitality, BFSI (banking, financial services, and insurance), and others. The BFSI segment shall have a significant market share and it is expected to reach upto $3,376.5 million, during the projected period.


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