(MENAFN- Ameliorate Digital Consultancy) The Global Contactless Payment System Market is expected to grow at a significant CAGR of 11.9% by 2029.
Global contactless payment system Market 2022-2028 research report gives most upcoming industry information on the market situation and future outlook. This report provides you analysis of Contactless Payment System market size, share, future growth, and cost structure, statistical and comprehensive data of the global market. The report is beneficial for strategists and industry players to plan their future business strategies. This is an in-depth market report, provides all you need to know about the Contactless Payment System Market. It includes the market news and updates about the market current situation, historic data, present market trends , and this factor which is valuable and supportive to the business.
With tables and figures helping analyze worldwide Global Contactless Payment System market trends, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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Driver: Enhance purchase experience
One of the biggest complaints about the EMV chip technology is the additional time these transactions take. Contactless payments eliminate friction and offer customers a better buying experience. Positive results from reduced transaction time are completely dependent on the percentage of transactions conducted during peak hours. A shorter queue simply indicates that several customers have been served. Contactless payment technologies, such as NFC, HCE, and RFID ensure faster transactions with touch-and-go payments leading to quicker customer throughput during peak periods in the retail, BFSI, hospitality, and transportation sectors and helps reduce queues. The increased throughput will directly result the increment of revenues.
Top Prominent Players Mentioned in this report:
This report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Key companies covered as a part of this study include: STMicroelectronics, ICBC,INSIDE Secure,Infineon Technologies,Gemalto N.V.,Giesecke & Devrient GmbH,Oberthur Technologies,Diebold Inc,HID Global,MCR Systems Inc,Barclays,Heartland Payment Systems, Inc,Ingenico Group,Apple and others.
Recent Developments:
In January 2019, ICBC , a bank in China, awarded Gemalto a three-year agreement to continue supplying them with contactless cards. The contract addresses multiple card scheme-brands, such as Amex, China UnionPay, JCB, Mastercard, and Visa.
In February 2019, Infineon developed sensor and security solutions introducing REAL3 and SECORA Pay to meet consumer requirements. Infineon's REAL3 image sensor chip built into a mobile device allows fast, seamless, and secured user authentication. Infineon's SECORA Pay portfolio consists of turnkey solutions for contactless payment cards, such as Visa and Mastercard.
In April 2018, Ingenico introduced the Moby/C150 ECR, an EMV pre-certified, and a full-featured Android-based tablet PoS solution with a 15.6-inch display that can be customized for merchant business needs.
Global Contactless Payment System Market Segmentation:
Market segment by Application:
Transport
Media & Entertainment
Retail
Healthcare
Others
Market segment by Type :
Contactless Card (NFC/RFID)
Wearable Devices
Contactless Mobile Payment
APAC to have a higher growth rate during the forecast period
By region, APAC is expected to grow at the highest CAGR during the forecast period. This is because of the rapid deployment of contactless payment technologies in the countries, such as China, Japan, Singapore, Australia, India, and South Korea. The contactless payment market in MEA has just started gaining traction and hence exhibits good revenue opportunities for contactless payment vendors. Latin America is a comparatively smaller market due to the lack of technological advancements in the region. However, the overall development and penetration of contactless technology in countries, such as Brazil and Mexico is expected to drive the growth of the contactless payment market in the region during the forecast period
Regional Insight:
The Middle East and Africa (Turkey, GCC Countries, Egypt, South Africa)
North America (United States, Mexico, and Canada)
South America (Brazil etc.)
Europe (Germany, Russia, UK, Italy, France, etc.)
Asia-Pacific (China, Japan, Philippines, Korea, India, Indonesia, and Australia)
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This report aims to provide:
– A qualitative and quantitative analysis of the current trends, dynamics, and estimations from 2022 to 2028.
– The analysis tools such as SWOT analysis and Porter's five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.
– The in-depth market segmentation analysis helps identify the prevailing market opportunities.
– In the end, this Contactless Payment System report helps to save you time and money by delivering unbiased information under one roof.
Key question answered in this report
What will the market size be in 2028 and what will the growth rate be? What are the key market trends? What is driving this market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the key vendors? What are the strengths and weaknesses of the key vendors? Buy now@:
Table of Contents: Contactless Payment System Market
Part 1: Overview of Contactless Payment System Market
Part 2: Global Contactless Payment System Market Status and Forecast by Regions
Part 3: Global Market Status and Forecast by Types
Part 4: Global Market Status and Forecast by Downstream Industry
Part 5: Market Driving Factor Analysis
Part 6: Market Competition Status by Major Manufacturers
Part 7: Major Manufacturers Introduction and Market Data
Part 8: Upstream and Downstream Market Analysis
Part 9: Cost and Gross Margin Analysis
Part 10: Marketing Status Analysis
Part 11: Market Report Conclusion
Part 12: Contactless Payment System: Research Methodology and Reference
Finally, the Contactless Payment System Market report is the believable source for gaining the market research that will exponentially accelerate your business.
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