Contactless Payment Market to Cross USD 100B by 2026; Global Market Insights, Inc.

SELBYVILLE, Del., Aug. 17, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the contactless payment…

SELBYVILLE, Del., Aug. 17, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the contactless payment market, which estimates the market valuation for contactless payment will cross US $100 billion by 2026. Increasing enterprise and consumer inclination toward digital transformation and proliferation of smartphones will surge the demand for contactless payments.

The increased deployment of POS terminals across retail outlets and growing consumer preference for mobile wallets will drive the contactless payment market growth. In January 2020, Blackhawk Network Holdings, Inc., revealed that mobile wallet adoption is estimated to generate around USD 190 billion in transactions in the U.S. by 2021. Retailers are integrating mobile wallets with customer loyalty cards and promotions to enhance the consumer shopping experience. In February 2019, The Kroger Co. introduced a mobile payment program to provide shoppers with loyalty rewards such as fuel points and private brand discount.

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RFID-based contactless payment will gain traction as several merchants are adopting smart payment to improve customer experience and maximize profits. Cards equipped with RFID technology offer secure, faster, and convenient payment processing compared to chip-and-PIN payments cards. The technology has a memory chip or tag that stores data and RFID readers. The technology is widely used in toll collection, warehouse, and logistics transactions, and in the retail sector.

Contactless payment technology is gaining popularity in the healthcare sector for various applications. Hospitals, clinics, and insurance companies are adopting contactless smart card solution for fast transactions. Patient information can also be saved in these medical smart cards. It provides secure access to emergency medical information and portable medical records and reduces healthcare fraud. The technology also provides platforms to implement other applications as needed by healthcare organizations and enables compliance with government initiatives and mandates.

The North American market will witness significant traction from 2020 to 2026. Growing adoption of advanced payment techniques across various sectors, such as retail, transportation, and healthcare, is driving the contactless payment market demand. According to the Mastercard Survey in 2020, more than 56% of consumers use contactless cards, enabling convenient payment solutions at retail outlets. The overall usage of contactless payments in the region has risen by 150% in March 2019. In addition, the high internet penetration rate in the region will support market growth.

Browse key industry insights spread across 300 pages with 425 market data tables and 30 figures & charts from the report, «Contactless Payment Market Share & Forecast, 2020-2026» in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/contactless-payment-market

Some major findings of the contactless payment market report are:

  • Several countries are shifting toward becoming cashless economies, encouraging digital payment providers to focus on providing digital payment forms to their consumers. According to a report by HSBC Holdings PLC, the volume of contactless card transactions increased by 24% during 2018 and 2019 in the UK.
  • Increasing consumer inclination toward payment methods involving smartphones in the form of contactless payment methods at POS systems has led financial service providers to offer their card solutions on smartphones.
  • Retailers across the globe are rapidly adopting mobile payment applications, such as AliPay, Samsung Pay, WeChat Pay, PayPal, and Apple Pay, to accept payments. With changing consumer lifestyles and rapid growth in online retailing, the trend is projected to continue over the forecast timespan.

Major players operating in the contactless payment market are Alcineo, Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., IDEMIA, Identiv, Ingenico Group SA, On Track Innovations Ltd., PAX Global Technology, PayCore, Thales Group, Valitor, Verifone, Visa, Inc., and Wirecard AG.

Browse the report’s complete table of contents at https://www.gminsights.com/toc/detail/contactless-payment-market

Partial chapters of the report’s table of contents (TOC):

Chapter 3. Contactless Payment Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2026

3.3. Impact analysis of coronavirus (COVID-19) pandemic

3.3.1. Global outlook

3.3.2. Impact by region

3.3.2.1. North America

3.3.2.2. Europe

3.3.2.3. Asia Pacific

3.3.2.4. South America

3.3.2.5. MEA

3.3.3. Industry value chain

3.3.3.1. Research and development

3.3.3.2. Manufacturing

3.3.3.3. Marketing

3.3.3.4. Supply

3.3.4. Competitive landscape

3.3.4.1. Strategy

3.3.4.2. Distribution network

3.3.4.3. Business growth

3.4. Industry ecosystem analysis

3.4.1. Distribution channel analysis

3.4.2. Vendor matrix

3.5. Technology & innovation landscape

3.5.1. Artificial Intelligence (AI)

3.5.2. Augmented reality (AR)/Virtual Reality (VR)

3.5.3. Biometrics

3.5.4. Blockchain

3.6. Regulatory landscape

3.6.1. North America

3.6.2. Europe

3.6.3. Asia Pacific

3.6.4. South America

3.6.5. MEA

3.7. Industry impact forces

3.7.1. Growth drivers

3.7.1.1. Demand for mobile and wearable payment devices in North America

3.7.1.2. Growing demand for biometric contactless smart cards in the U.S. and Europe

3.7.1.3. Increasing penetration of smartphones in Asia Pacific and South America

3.7.1.4. Proliferation of RFID tagging in Japan

3.7.1.5. Demonetization effect in India

3.7.1.6. Rising adoption of technology by merchants for small value transactions

3.7.1.7. Reduced transaction time and increased convenience

3.7.2. Industry pitfalls & challenges

3.7.2.1. Lack of consumer awareness

3.7.2.2. High cost of deployment

3.7.2.3. Rules and regulations imposed by banks and payment associations

3.8. Growth potential analysis

3.9. Porter’s analysis

3.9.1. Supplier power

3.9.2. Buyer power

3.9.3. Threat of new entrants

3.9.4. Threat of substitutes

3.9.5. Internal rivalry

3.10. PESTEL analysis

Browse related report:

Smart Card Market Size By Solution (Smart Card [Product {Contact-Based, Contactless, Hybrid, Dual Interface}, Type {Memory Card, Microprocessor Card}], Smart Card Reader [Component {Hardware, Software, Service}, Product {Contact-Based, Contactless}]), By Application (SIM & Telecom, Financial, Government & Health, Retail & Gas, Access Control, Transportation, Loyalty), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

https://www.gminsights.com/industry-analysis/smart-card-market

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Contactless Payment Market worth over $100 billion by 2026

Contactless Payment Market size is set to be over USD 100 billion by 2026, according to a new research report by Global Market Insights, Inc.

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