Global Contactless Payment Transaction Market: Snapshot
Contactless payment is increasingly becoming an inseparable part of the payments procedure across a large number of industries. Businesses as well as consumers are increasingly embracing a wide variety of highly convenient and safe ways of paying for their purchases through contactless methods such as contactless card (NFC/RFID), contactless wearable devices, and dedicated contactless mobile payment apps, by using the NFC or RFID technologies. The vast rise in the global retail and transportation industries in the recent years, backed by the need for improved customer service and better service delivery models, has driven the demand for contactless payment transaction market.
The global market for contactless payment transaction is expected to achieve greater heights in the next few years owing to the rapid technological advancement of digital infrastructure in developed and developing economies across the globe and rising use of NFC-enabled consumer electronics devices and wearable devices. Transparency Market Research estimates that the number of payments in the global contactless payment transaction market is expected to reach 801.44 bn by 2025. The market is projected to expand at an exponential CAGR of 55.5% during the forecast period from 2017 to 2025. In terms of revenue valuation, the market is expected to exhibit a staggering 93.7% CAGR over the said period.
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Contactless Cards to Witness Promising Rise in Adoption
In terms of the mode of payment, the report segments the global contactless payment transaction market into contactless cards (NFC/RFID-based), wearable devices, and contactless mobile payment. Of these, the dominant revenue share in the global contactless payment transaction market was held by the segment of contactless card (NFC/RFID) in 2016. Contactless card (NFC/RFID) segment are identical to the normal debit/credit cards in terms of dimension, except for the inclusion in contactless cards of integrated circuits (IC’s) that can store and sometimes process data and communicate with a terminal via radio waves.
Over the report’s forecast period, however, the segment of contactless mobile payment, followed by wearable device, is projected to expand at a faster rate owing to the complementary demand of contactless mobile payment processing. Furthermore, contactless cards needs to have connectivity with near-field communication (NFC) or radio frequency identification (RFID) systems to make the purchase payments. NFC helps to enable the wearable device to make payments based on its connectivity and software across different terminals.
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Europe to Remain Lead, Asia Pacific to Present Vast Growth Opportunities
In terms of geography, Europe is anticipated to witness relatively fast growth in the global contactless payment transaction market over the next few years. The region is expected to provide vast growth opportunities to the global contactless payment transaction market owing to factors such as the increasing adoption of NFC-based smart wearables and consumer electronic devices along with growing use of contactless cards. In the Europe market, the segment of contactless cards in terms of mode of payment is projected to contribute the dominant share of revenue backed by growth in retail and transport industries in countries such as the U.K., Germany, and Poland.
Asia Pacific, after Europe, is anticipated to emerge as the leading contributor to the overall development of the contactless payment transaction market. The regional market will significantly benefit from the rapid adoption of NFC-based contactless devices, wearables, and the introduction of mobile wallets and apps such as Samsung Pay. The retail/e-commerce and transportation, and hospitality segments are projected to be the key users of contactless payment transactions backed by growth in countries such as Australia, Japan and China.
Some of the leading players operating in the global contactless payment transaction market are Apple Inc., Barclays, Gemalto N.V., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations LTD, Samsung Electronics Ltd., Verifone Systems, Inc., and Wirecard AG.