The emergence of contactless payment services has taken place substantially over the last decades. Contactless payment is on the high demand in the sectors which are dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors.
Some of the growth factors in the global contactless payment market include private and public investments, a growing number of fintech organizations, increasing cases of cyber thefts, and others. Moreover, the COVID-19 pandemic raises the demand for cashless and online. As per the WHO, the virus could stay on cash for days after exposure, so the organization advised the people to use contactless payment whenever possible.
The global contactless payment industry report is segmented based end-user including Retail, BFSI, Transportation, and others. The outbreak of COVID-19 had an impact on these segments due to the demand for retail stores across the globe. Moreover, the contactless payment in supermarkets and shopping malls ware on the high demand however, the COVID-19 outbreak can push the people to contactless payment.
For instance, in India consumers now experiences a quicker way to pay at entertainment venues, dining, and supermarkets including a Big Bazaar, PVR and Reliance retail among others. Additionally, over 3.3 million merchants are accepting cashless payments through various payment options in India that can further push for increased use of cashless transactions in these stores. Furthermore, according to UK finance, around 77% of all UK retail spending was made by cards. This has been driven by the extensive acceptance of contactless payment and other forms of digital payments; therefore, this could be affected by the COVID-19 outbreak.
The contactless payment industry in various regions such as North America, Europe, Asia-Pacific and the Rest of the world are impacted by the novel COVID-19 pandemic. The countries in which most of the cases recorded include Italy, Spain, France, and Germany in Europe and China in Asia-Pacific. The banks in China issued a prerequisite that all Chinese banks begin sanitizing banknotes with an ultraviolet light or high heat and then storing the bills in a sanitized location. For the encouragement of contactless payment, Ireland's AIB Bank suspends to take charges on contactless payment, thus further help prevent the virus from spreading further.
Key companies getting involved in the market include Giesecke & Devrient GmbH, Gemalto N.V., Visa, Inc., Wirecard AG, Verifone Inc., Garmin Ltd., PayPal Inc., Prepay Technologies Ltd. and others.
The report covers:
A comprehensive research methodology of the global contactless payment Industry.
A detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global contactless payment Industry.
Insights about market determinants that are stimulating the global contactless payment Industry.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.
Key Topics Covered
1. Report Summary 1.1. Research Methods and Tools
2. Market Overview and Insights 2.1. Scope of the Report 2.2. Analyst Insight & Current Market Trends 2.2.1. Key Findings 2.2.2. Recommendations 2.2.3. Conclusion 2.3. Government support/bailout packages for the Contactless payment industry 2.4. Supply & Demand Analysis
3. Industry Overview 3.1. Historical market growth estimation in Contactless payment industry excluding COVID-19 pandemic effect 3.2. Deviations in the Contactless payment industry growth rate due to COVID-19 pandemic
5. Impact of COVID-19 on Major Economies 5.1. North America 5.1.1. United States 5.1.2. Canada 5.2. Europe 5.2.1. UK 5.2.2. Germany 5.2.3. Italy 5.2.4. Spain 5.2.5. France 5.2.6. Rest of Europe 5.3. Asia-Pacific 5.3.1. China 5.3.2. Japan 5.3.3. India 5.3.4. Rest of Asia-Pacific 5.4. Rest of the World
6. Company Profiles 6.1. Giesecke & Devrient GmbH 6.2. Gemalto N.V. 6.3. Visa, Inc. 6.4. Wirecard AG 6.5. Verifone Inc. 6.6. Garmin Ltd. 6.7. PayPal Inc. 6.8. Prepay Technologies Ltd. 6.9. Bank of America Corp. 6.10. Sqaure Inc.