[FURL= https://www.industryarc.com/Report/16196/contactless-payment-market.html]Contactless payment market [/FURL] size is expected to reach $19.1 billion by 2025 at a CAGR of 12.1% during the forecast period 2020-2025. With the increasing integration of contactless payment technologies in mobile handsets and smartphones, the demand for contactless payment solutions has grown tremendously across all the countries. In addition rising awareness of plastic money and smart cards among the buyers, increasing frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues is also accelerating the market in the forecast period. The rising hardware encryption on NFC Chips and the integration of contactless payment solutions on EPOS terminal as well as with Subscriber Identity Module (SIM) Cards are set to propel the Contactless payment industry.Key Takeaways
Contactless payment in retail sector allows issuers to penetrate the cash payment market, enjoy increased transaction volume, improve customer retention and loyalty.
Outbreak of corona virus has made Contactless payments a more preferred method of payment as it require less physical interaction.
Europe dominated the market by a market share of more than 32% in 2019, owing to the high penetration of smartphones and advancements in smart chip technology and integration of mobile app with banks.
Contactless Payment top 10 companies Google, Amazon, Apple Inc., Gemalto N.V, Giesecke& Devrient Gmbh, Ingenico Group, Verifone Systems, Inc., Wirecard AG, Heartland Payment Systems,Inc., Inside Secure among others.
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By Geography - Segment Analysis
Europe dominated the market by a market share of more than 32% in 2019, owing to the high penetration of smartphones and advancements in smart chip technology. In addition to this increasing adoption rate, regulatory initiatives such as Euro Mastercard Visa (EMV), and the adoption of Near Field communication technology is enhancing the market growth in this region.
Drivers – Contactless Payment Market
Outbreak of Corona Virus Helps in assisting the market growth
Rising Penetration of Internet
Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Contactless Payment market. In 2019, the market of Contactless Payment industry outlook has been fragmented by several companies. Contactless Payment top 10 companies Google, Amazon, Apple Inc., Gemalto N.V, Giesecke& Devrient Gmbh, Ingenico Group, Verifone Systems, Inc., Wirecard AG, Heartland Payment Systems,Inc., Inside Secure among others.
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