Contactless Payment Transaction Market : Trends, Outlook and Opportunity Analysis 2025
Stiff competition prevails in the global contactless payment transaction market. This is because there are a sizeable number of small and large service providers and entry into the market is quite easy. Of late, the entry of banks, card companies, telecom companies, and payment companies that are foraying into contactless payment services has further intensified competition in the market. The key factor driving the contactless payment transaction market is the increasing demand for speedy transactions, especially in the retail and transport sectors underpinned by the rising use of smartphones. Proving to be a hindrance, on the flip side, is the high installation cost of point-ofsale (PoS) machines for contactless payment as compared to normal PoS machines. As per a report by Transparency Market Research, the global contactless payment transaction market is projected to rise at a whopping 55.5% CAGR from 2017 to 2025 for the market’s valuation to reach US$801.44 bn by 2025. Obtain Report Details @ http://www.transparencymarketresearch.com/contactless-payments-market.html In terms of mode of payment, the segments of the market are wearable devices, contactless card (RFID/NFC), and contactless mobile payment. The segment of contactless card (NFC/RFID) is estimated to contribute the leading revenue to the global contactless payment transaction market over the forecast period. The segment of wearable devices comprise transactions carried out over smart watch or smart band. The segment of wearable devices is anticipated to rise at a substantial rate in the upcoming years. Contactless mobile payment segment includes payments made via smartphones. The global contactless payment market, based on geography, has been segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. In the region, contactless cards is projected to contribute the leading revenue backed by growth in retail and transport end-use industries in the U.K., Poland, and Germany.