The global contactless payment transaction market is predicted in a report by Transparency Market Research (TMR) to witness a high level of competition among manufacturers. The report also notes that there could be a significantly aggressive seller scene observed in the market due to the entry of large and small players. The market is expected to find intense rivalry within different end-use industries on the part of contactless payment transaction. Influx of new members could increase rivalry and fracture in the consideration of administration costs. Top market leaders such as Ingenico Group, Gemalto N.V., and Barclays could make their presence known in the industry.
TMR prognosticates the global contactless payment transaction market to rise at a 55.5% CAGR between 2017 and 2025 to be valued at an US$801.4 bn by the final forecast year. By mode of payment, contactless card (NFC/RFID) could collect a larger share of the market in the near term. By region, Europe is anticipated to bag a king’s share of the market, considering its US$14.1 bn valuation attained in 2017.
Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2566
Growing Interest in Fast Transactions Amplifies Demand in Retail and Transportation
Increasing use of mobile phone supporting the rise in interest in fast transactions, especially in the retail and transportation industries, is foreseen to improve the growth of the world contactless payment transaction market. For achieving a better rate of change, novel marketing techniques could be highly focused upon with guaranteeing of practical returns considered as a specific end goal. This could be evidenced by magnetic secure transmission developed by Samsung. Other technological innovations such as those in the wearables devices segment, viz. contactless bands or rings are foretold to set the tone for valuable growth of the global market.
Among a variety of solutions offered in the world contactless payment transaction market, payment terminal could rake in strong demand in the coming years. In order to manage security of transactions, vendors are constantly upgrading their security protocols, which could be another factor helping the market to attract demand.
High Installation Cost of POS Machines Discourages Adoption of Contactless Payment
Installing point-of-sale (POS) machine for contactless payment could be a tough challenge since it bears an expensive cost. On the other hand, ordinary POS machines may not require as much expense as those designed for contactless payment. Furthermore, susceptibility of contactless payment transactions to frauds is another challenge that the global market could face the brunt of.
However, benefits such as quick payment arrangements via standard contactless travel card, NFC mobile phone, or EMV contactless card are envisioned to support the growth of the international contactless payment transaction market. Moreover, leading vendors are being very particular about enabling secure transactions by providing regular security updates. Additionally, large consumer base of mobile phone users could be an added advantage for the market.
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.”
Global Contactless Payment Transaction Market: Mode of Payment
- Contactless Card (NFC/RFID)
- Wearable Devices
- Contactless Mobile Payment
Global Contactless Payment Transaction Market: End Use
- Hospitality
- Transport
- Media and Entertainment
- Retail
- Healthcare
Purchase our Premium Research Report at: https://www.transparencymarketresearch.com/checkout.php?rep_id=2566<ype=S
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Contact
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
No comments:
Post a Comment