April 4, 2020
Contactless Payment Transaction

Contactless Payment Transaction Market is expected to grow at a CAGR of around 5.5% in years to come

According to a new market research report authored by Credence Research, “the overall contactless payment transaction market worldwide was valued at $14.8 billion in 2018 and is expected to grow with a CAGR of 43.7 percent over the forecast period.” Growing internet penetration and inclination towards cashless transactions worldwide are key drivers of the contactless payment transaction. In 2018, it was projected that there are more than 4 billion internet users worldwide, rising at nearly 6 percent annually. Secure, easy-to-pay, safe and other contactless payment benefits drive market growth.

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The advent of technologies such as RFID or NFC, allowing secure payment transactions from one account to another. Growing worldwide adoption of smart devices such as mobile devices, tablets, laptops, smartwatches, and others also helps market growth. The growing acceptance of digital payments in different industries such as retail, healthcare, hospitality, and others also drives market growth. Then, the contactless payment transaction market shows tremendous growth throughout the forecast period.

Contactless payment transaction market based on end-use is segmented transport, media & entertainment, hospitality, healthcare, retail and others (government, energy & utilities, etc.). The retail industry led the market in 2018, contributing approximately 34 percent of the same year’s world revenue share. Rising retail industry worldwide and the industry needs simple, convenient, and safe transactions. In 2018, the global retail industry was estimated at around US$ 25.7 billion and is expected to grow at a CAGR of around 5.5 percent in years to come. Growing e-commerce retail and rising number of retail stores worldwide are some of the other market growth factors. Therefore, we expect the segment will show huge growth over the forecast period.

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North America and Europe, based on geography, was the major contributor in 2018. In the same year, North America and Europe contributed around 68% of global market revenue. Developed countries, maximum internet penetration, and early technological adoption are North America and Europe’s main reasons for dominance. On the other hand, during the forecast period, Asia Pacific is the fastest-growing region in the contactless payment transaction market. Increasing internet penetration, adoption of new technology, and inclination to digitization are the main reasons for region growth. Increasing government digitization investments and increasing disposable income in the region are some other factors for the fastest growth.

The report includes Gemalto N.V., Group, Apple Inc., Giesecke & Devrient GmbH, Heartland Payment Systems, Inc., Ingenico Group, Inside Secure, On Track Innovations Ltd., Samsung Electronics Ltd., Verifone Systems, Inc., and Barclays among others.

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