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How Dynamics changed by COVID-19 Impact on Contactless Payment Market

 Contactless Payment Market Analysis:

According to a study of Research Dive,the global contactless payment market forecast will surpass $20,340.3 million by 2026, increasing at a healthy CAGR of 11.2%.

The incredible growth in internet users mainly because of strong internet performance is one an impetus for the contactless payment market growth, over the forecast period. Also, with digital transformation in developed as well as developing countries, popularity for contactless transactions is extensively increasing as it provides convenience and advanced security. For instance, in India, UPI’s (unified payments interface) popularity has grown tremendously; moreover, the transaction volumes have enormously grown from $4,05,371.8 in August 2016 to $24,71,29,87,950.0 in October 2019. These key factors may boost the growth of the global contactless payment market, during the forecast period.Moreover, the biggest smartphone companies are providing servicesof contactless payment methods such as Google pay, Apple pay and Samsung Pay.These advancements are projected to drive the demand for the contactless payment market, during the forecast period. Furthermore,improved loyalty, faster transaction,enhanced customer experience,and satisfaction are driving the growth of the contactless payment market, during the forecast period. 

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Market Restraint:

On the other hand, the high cost of deploying contactless payment technologies is expected to obstruct the growth of the contactless payment market. The digital transformation inthe banking sector is anticipated to generate a noticeable revenue for the contactless payment market. 

Also, enormously rising popularity for smartphonesand smartwatches, coupled with contactless debit/credit cards areoffering convenience and easier payment methods to the clients. Furthermore, the digital economy has shown a great influence on the local as well as global transactions. These factors may lead to create lucrative opportunities for the growth of the contactless payment market.

The mobile handsets for contactless payment market are anticipated to have the largest market share, and it shall generate a revenue of $5,288.5 million by 2026, increasing at a CAGR of 11.7%, over the projected period. The significance of contactless smartphone payment is that it offers greater security when the transaction is made with phones. In contactless mobile payment, a hacker can’t get access to the card details. The card information is either stored in the cloud, or in the secure elements of the smartphone. 

The NFC chips shall experience positive growth in the market and this category is expected to generate a revenue of $3,824.0 million by 2026, increasing at a healthy CAGR of 11.8%. This is mainly because NFC chip-based devices are enabled with the tokenization facility which creates a token (unique code) that is sent from the customer’s device to the merchant’s NFC-enabled device. This entire transaction process is highly secured; thus, its usage in retail sectors has grown significantly.

The BFSI (banking, financial services, and insurance) segment will witness a significant growth in the global market and it is anticipated to surpass $1,827.0 million by 2026, rising at a healthy rate of 10.6%. This is mainly because the contactless payment platform for the banking sector ensures safety for the customers’ bank information. This system has the highly advanced fraud monitoring tools which help banks to decrease their fraud losses by tracking and detectingany suspicious card activities. Furthermore, this platform offers key advantages like real-time monitoring, quick identification of fraud &fast implementation, and fraud reduction by using 3D Secure service and SMS alerts.

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The retail sector has experienced major growth, during the forecast period, in the global market. This sector is expected to generate a revenue of $4,088.4 million by 2026, increasing at a healthy CAGR of 10.6%. This is mainly because market leaders are emphasizing more to make secure contactless payments. contactless payment is also involved with processes at the point of transaction, like collection and redemption of loyalty points. The impact of contactless mobile is significant in the retail sector also it offer new customer experiences like displaying special offers in the store. These key factors may boost the demand for the contactless payment system into the global retail sector.

Regional Insights:

Europe contactless payment market has the highest growth in the global market and it accounted for $2,610.0 million in 2018 and it is expected to generate a revenue of $6,305.5 million, at a significant CAGR of 11.7%, during the forecast period. The increasing popularity of mobile-based transactions coupled with the rising demand for smartphones is anticipated to foster the growth of the contactless payment market. For instance, as per the study of GSMA, in the European countries, the adoption of the smartphone is approxi ging to be 76% by the end of 2019. This is majorly because of the rising support for mobile-based transactions and digital wallets particularly into European economies like the UK, Italy, and France.These key factors may massively make a positive impact on the demand of the contactless payment platform in this region.

North America has a major share, during the projected period, in the global market. This region is anticipated to register a revenue of  $6,712.3 million by 2026, growing at a rate of 10.4%. The strong presence of market leaders like Discover, American Express, STAR, Visa, and MasterCard, along with their heavy investment to protect the personal financial information of the clients is projected to surge the growth of this region in the global market. Moreover, this platform offers multilayered protection for security of the traditional debit and credit payment systems. Furthermore, security measures are used to authorize online payments to curb risks and detect real-time fraudulent activities, which are also some of the key factors for the growth of this region.

Major Players in Contactless Payment Market:

The major contactless payment market playersare VERIMATRIX,Ingenico Group., Paycor, Inc,VeriFone, Inc., Castles Technology,On Track Innovations LTD., Alcineo,SumUp Inc., Infineon Technologies AG,and C.Bitel.To elaborate more on the competitive landscape analysis of market players, the porter’s five force model is explained in this report.

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