Focus on Swift Transactions for Routine Purchases to Fuel Growth in Global Contactless Payment Transaction Market, Noted TMR

ALBANY, New York, July 30, 2019 /PRNewswire/ -- With rising digitization, the global contactless payment transaction market is foreseen to gain momentum in the coming years. Earlier, the contact payment methods needed NFC or RFID technologies for the transaction. But, with the advent of the contactless payment transaction technology, the process of buying has become hassle free, and secure across industrial units.

As a result, the global contactless payment transaction market is estimated to flourish at a stellar CAGR of 55.50% within the forecast period from 2017 to 2025, according to a recent Transparency Market Research (TMR) report. In addition, the market on 2017 was valued around US$ 14.1 Bn transaction market is likely to reach worth US$801.4 Bn by the end of 2025.

Until now, swiping a card was one of the most convenient payment options across physical stores. However, contactless payments technology has changed the way cards are used for payments, too. The launch of Wi-Fi technology by MasterCard and Visa has enabled consumers to pay in a flash. However, companies have restricted the amount to a level that meets the average cost of basic necessities like groceries, gas, public transport, etc.

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Popularity of Debit and Credit Cards Fuel Market Demand

Since past few years, various sectors such as automobiles, infrastructure, and healthcare, are dependent on contactless payment for many purposes, such as in-car connected payments. The contactless payment methods make transaction simpler and streamlined, by cutting the hassle of carrying hard cash with oneself. Besides, most people while travel prefer carrying minimal cash as there is always a risk of theft. This is another aspect where contactless payment methods come in handy. The popularity of debit and credit cards is also contributing majorly in the development of contactless payment transaction market in coming years. These payment cards have been highly secured since a few years. Moreover, companies are also consistently finding ways to tighten their security, to avoid their misuse. Several supportive policies and regulations are being implemented to protect the user account from fraudulence.

In terms of end-use sector, the global contactless payment transaction market is led by the retail sector, one of the biggest users of contactless payment transaction, owing to its speed, ease, and security factors. In addition, this segment also holds an important position the e-commerce sector, propelling growth in contactless payment transaction market.

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Europe to Lead Due to Developed Retail Sector

Geographically, the global contactless market is dominated by Europe, based on its prominence. This is attributed to its developed retail industry. Nations such as France, Germany, and England have adopted contactless payment transactions at a large scale in several verticals such as healthcare, automobiles, entertainment, and so on. This supports the dominance of contactless payment transaction market in the region. Trailing Europe, is the North America market, due to increasing developments in the media and entertainment sector, especially in the US and Canada. Apart this, increase in disposable income of the people in Indonesia, India, and China has fueled the grow scope for contactless payment transaction market in Asia Pacific.

Looking at the competitive scenario, the global market is expected to experience an intense competition among the key players. This is credited to increase in mergers and acquisitions to expand their global presence. For example, Wirecard AG, in 2017, took over MyGate Communication, a leading payment service provider in Africa.

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Key players in the global contactless payment transaction market include Barclays, Ingenico Group, and Gemalto N.V.

The information presented in this review is based on a TMR report, titled "Contactless Payment Transaction Market (Mode of Payment - Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment; End Use - Hospitality, Transport, Media and Entertainment, Retail, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."

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The Global Contactless Payment Transaction Market is segmented as below:

Mode of Payment

• Contactless Card (NFC/RFID)
• Wearable Devices
• Contactless Mobile Payment

End-Use

• Hospitality
• Transport
• Media & Entertainment
• Retail
• Healthcare
• Others

Geography

• North America
• The U.S.
• Canada
• Rest of North America
• Europe
• The U.K.
• Germany
• Poland
• Sweden
• France
• Rest of Europe
• Asia Pacific (APAC)
• India
• China
• Japan
• Australia
• South Korea
• Taiwan
• Singapore
• Rest of Asia Pacific
• Middle East and Africa (MEA)
• UAE
• Turkey
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America

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