The global market for contactless payment transaction features a
highly competitive vendor landscape and the presence of a large
number of small and large service providers, observes Transparency
Market Research. Competitive rivalry has further intensified in the
market due to the entry of a number of banks, telecom companies, card
companies, and payment companies of late. The low entry barriers in
the market are expected to continue to allow new players in, further
making the market fragmented and immensely competitive in terms of
service costs.
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To ensure sustainable returns, innovation and effective marketing
strategies will be the most practical approaches. Solutions with
innovative technologies such as Samsung’s patented magnetic secure
transmission (MST), which emits a magnetic signal mimicking the
magnetic strip on conventional payment cards, are expected to allow
companies the much needed push in the competitive market. Some of the
leading players in the market are Apple Inc., Barclays, Gemalto N.V.,
Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., and
Ingenico Group.
Contactless Cards
to Remain Most Used Contactless Payment Transaction Mode of Payment
In terms of mode of payment, including technologies such as
contactless cards, wearable devices, and contactless mobile payments,
the segment of contactless cards held the dominant share in the
global market in terms of both revenue and volume in 2016. The
segment is expected to remain at the forefront in terms of the rate
of adoption across the globe over the forecast period as well,
exhibiting a massive 94.3% CAGR in terms of revenue contribution to
the global contactless payment transaction market.
From a geographical standpoint, the global contactless payment
transaction market is expected to be dominated by the market in
Europe over the forecast period. In 2016, the Europe market accounted
for a massive 59.4% share of the total number of contactless payment
transactions undertaken across the globe. Over the report’s
forecast period as well, the Europe market for contactless payment
transactions is expected to register strong growth, and driven
chiefly due to the rising adoption of NFC-based smart wearable
devices and consumer electronic products and the increased use of
contactless cards.
Rising Usage of
Mobile Phones to Continue Boosting Adoption
Some of the key factors expected to have a significant positive
implication on the way the market for contactless payment transaction
will evolve in the next few years are the rising demand for fast and
convenient ways of completing transactions, especially in the
transport and retail sectors and the rising usage of smartphone for
payments. Businesses have started steadily understanding the direct
benefits of implementing contactless payment transactions in the form
of an enhanced counter sales processes and a vast rise in the number
of transactions possible throughout a day. This has encouraged
companies across a number of industries such as hospitality, media
and entertainment, and healthcare to adopt the contactless payment
transaction infrastructure.
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The vast rise in the numbers of smartphone or basic mobile phone
users has also boosted the expansion of contactless payments. The
ease of carrying out payment transactions without having to carry
credit/debit cards and cash is encouraging consumers as well as
merchants to adopt contactless payment transactions as one of the
primary payment mechanisms. Technological advanced features in mobile
phones such as mobile wallets, which eliminate the need for
NFC-enabled PoS (point of sale) machines to complete transactions,
have also boosted the level of acceptance off contactless payment
transactions.
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