DUBLIN, April 17, 2020 /PRNewswire/ -- The "Contactless Payment Terminals Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global contactless payment terminals market was valued at USD 13.23 billion in 2019. Due to the rising need for cashless payments and ease of transactions, contactless payments have gained prominence, in the payment technologies market. There has been a rapid rise in cashless transactions, over the past few years.
- The pace with which the payments can be processed is making contactless payment lucrative for businesses and the faster checkout times, along with the ease of payments, are making users upgrade their cards to contactless ones.
- Contactless payments with a contactless card, payment-enabled mobile, or wearable device at a contactless-enabled checkout terminal, are witnessing increasing adoption.
- While increasing internet penetration is driving the growth of the contactless payment terminals market, concerns over the security of information that is visible through such terminals is set to hinder the growth to some extent.
Key Market Trends
Increasing Internet Penetration to Drive the Contactless Payment Terminals Market
- The growth of the contactless payment terminals market will be driven by internet penetration as a strong internet connection is the backbone of this payment method.
- The number of internet users in 2018 reached more than 4 billion, depicting a 7% year-on-year growth rate.
- Moreover, with increasing digitization and smart cities, people will be more inclined towards contactless payment methods as they offer convenience and quicker checkout time.
- Also, smartphone manufacturers are coming out with contactless payment methods such as Samsung Pay. All this will aid the contactless payment terminals market to grow.
- Moreover, North America has the highest internet penetration rate followed by Europe, Australia, Latin America. The world average of internet penetration rate is 56.80 %. With increasing penetration level of the internet, people are adapting themselves to new technology and they are becoming more technology oriented. This boost the contactless payment market.
- Applications like Google Pay, Apple Pay, Samsung Pay & many more are driving the market by providing easy to use, one tap money transfer, rewards and lot of other perks.
Europe to Have Largest Share in the Contactless Payment Terminals Market
- Owing to increasing smart card rollouts and technological advancements, Europe is expected to lead the market with the largest share.
- According to the Electronic Transactions Association (ETA), contactless payments on the Mastercard and Maestro networks grew by 145% in Europe, in 2018. Growth in contactless payments was robust across multiple countries in Europe, thus driving interest in wearable payments.
- According to UK Finance, there were 1.6 billion debit and credit card transactions in the UK. Nearly a third of all card transactions in the UK were made using contactless cards. There were 642 million contactless card transactions in January 2019, a 19.5 percent increase from 537 million a year earlier.
- Moreover, banks are integrating with mobile payment apps in the European region, owing to the increasing adoption of smartphones. For instance, Apple is integrating with Monzo.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Reduction in Queuing Time and Quicker Checkout Time
4.4.2 Convenience and Ease Associated with Contactless Payments
4.5 Market Restraints
4.5.1 Security Concerns in Digital Payment
5 MARKET SEGMENTATION
5.1 By Technology
5.2 By Payment Mode
5.3 By Device
5.4 By End-user Industry
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Thales Group (Gemalto NV)
- OTI Global
- VeriFone Systems Inc
- Ingenico Group SA
- Hewlett Packard Enterprise
- Castles Technologies
- ID Tech Solutions
For more information about this report visit https://www.researchandmarkets.com/r/bfu7xy
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