Acuity: Increase Demand with COVID-19 impact analysis on Contactless Payment Market
Pune, Maharashtra,India, November 9 2020 (Wiredrelease) Origius Systems Private Limited –:Contactless payment is a safe and secure method for consumers to purchase services or products using a credit, debit, or smartcard, and radio-frequency identification (RFID) technology or near-field communication (NFC). These payments are highly secure and safe compared to the cash payments, as contactless payments have a similar protection as PIN and chip. In addition, contactless devices and cards are embedded with numerous layers of security to consumers against fraud.
The acceptance and demand for contactless payments worldwide is anticipated to drive the global contactless payment market @ https://www.researchdive.com/purchase-enquiry/181
Contactless payment system comprises of smart cards or other advanced devices that integrate NFC or RFID technologies for making secure as well as contactless payment. Contactless payments are followed up in a close proximity that prevents unauthorized access during the transactions. NFC technology allows contactless payment by making use of standard-based wireless communication technology to exchange information between a point of sale terminal and a device, which thereby offers better and hassle-free customer experience.
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Recent Developments to Help the Industry Grow at a Rapid Pace
The technological advancements in contactless payments are opening up novel opportunities in the digital industry. The prominent players of the global contactless payment market are adopting several strategies such as joint ventures, product developments, and technological advancements to strengthen their market position, which is predicted to help the market grow exponentially during the forecast period.
For instance, in September 2019, American Express Co. announced the launch of Amex’s pay by bank facility for the cardholders in the UK. The company has partnered with the e-commerce merchants in order to provide its mobile payment solutions. Besides, American Express is utilizing the UK’s open banking policy to offer secured and quick contactless payment. Previously, the company had launched Amex Pay in India.
In January 2020, Samsung and Visa Inc. entered into a partnership to innovate the tap to phone technology program. This technology allow micro-sellers to accept payments with Android smartphones without any need of additional hardware. Visa, with this partnership would be incorporating its pilot tap to phone application into Samsung’s smartphone, the Galaxy XCover Pro. The aim of this is to expand the tap to phone technology across several verticals, including manufacturing, logistics, healthcare, and retail.
Moreover, the COVID-19 pandemic has supported the global contactless market to experience a tremendous growth mainly because of the growing popularity of contactless payment to prevent the spread of the deadly coronavirus. Thus, many players are introducing novel products for consumers in the global market. For instance, in April 2020, a neobank offering responsible and affordable credit to mainstream consumers, Upgrade, Inc. launched its first contactless-enabled ‘Upgrade Card’. This card is now available in digital form through both Google Pay™ and Apple Pay® to enable mobile payments.
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Potential Future of the Contactless Payment Market
The global market for contactless payment is projected to experience a noteworthy growth over the forecast period mainly due to the surging evolution of digital economy and its growing demand. Besides, the sudden rise in internet shopping is likely to create huge growth opportunities in the global market in the coming future. Conversely, the risk of losing or stealing of contactless card and the high cost of disposition of contactless payment technology is predicted to major threats for the market growth.
The growing preference of consumers for innovative payment processes coupled with the increasing demand for contactless payment is the significant factor projected to upsurge the growth of contactless payment market by 2026. As per the statistics provided by Research Dive in a report, the global contactless payment market is anticipated to rise at a CAGR of 11.2% during the forecast period. Based on the region, Europe contactless payment market is estimated to play a dominating role in the forecast period owing to growing adoption of smartphones and increasing support for contactless payment. Furthermore, the leading players profiled in the global market include
Infineon Technologies AG,
On Track Innovations LTD.
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