The global Contactless Payment Market size is expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient. With the increasing integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries.
Based on component, the hardware segment to account for the largest market size during the forecast period
This section studies the contactless payment hardware portfolio. Contactless payments are about wave and pay payments. The Point of Sale (POS) terminal is an electronic device that is used to process the payment transaction from a retailer’s store. Near-Field Communication (NFC) chips are built on a specific set of Radio Frequency Identification (RFID) standards that help devices, such as smartcards, POS, and wearables to communicate with each other by bringing them together or in close proximity. A smartcard is a small plastic chip card, embedded with an integrated chip, which is used to store and transfer data. Smart cards and wearables are the two most important devices used in contactless payment solutions.
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Based on services, the integration and deployment services segment to account for the largest market size during the forecast period
The system integration services in the contactless payment market aim at streamlining business applications by integrating various modules of the day-to-day operations. System integration services include project management, designing, engineering, procurement, testing, installation, commissioning, and after-sales services. These services enable the effective and smooth running of processes at reduced costs while maintaining their operational environment for end users.
The major contactless payment market vendors include Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (US), Giesecke+Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (US), CPI Card Group (US), Bitel (South Korea), Setomatic Systems (US), Valitor (Iceland), PAX Global Technology (China), MYPINPAD (UK), Mobeewave (UK), Alcineo (South Africa), Castles (Taiwan), SumUp (UK), and PayCore (Istanbul). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global contactless payment market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.
irecard (Germany) is an independent provider of outsourcing and white label solutions for electronic payment transactions. The Wirecard Group has been supporting companies in accepting electronic payments from all sales channels. A global multi-channel platform bundles international payment acceptances and methods, supplemented by fraud prevention solutions. Wirecard provides companies with an end-to-end infrastructure, including the requisite licenses for card and account products. The company operates under three business segments: Payment Processing and Risk Management (PP&RM), Acquiring and Issuing (A&I), and Call Center and Communication Services (CC&CS). The PP&RM segment accounts for all products and services related to electronic payment processing, risk management, and other value-added services.
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Ingenico (France) operates through two business segments: retail and Banks and Acquirers (B&A). It serves various industries, such as banking, retail, transportation, travel, petrol, digital, vending, and hospitality. The company’s services and solutions include smart terminals, payment services, ePayments, and mobile solutions. The company provides a comprehensive and innovative range of services and solutions for merchants, eliminating payment complexities and making purchases quick, seamless, and secure for consumers. Across 5 continents, 170 countries, and 88 sites, customers benefit from the depth and breadth of the company’s network that combines global expertise with strong local tailored solutions across all channels.
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