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Market Research Report

Global Contactless Payment Transaction Market Report 2030: Based on Payment Mode, Based on End-User, Based on Country With COVID-19 impact | Forecast Period 2017-2030

Published Date :

2020-09-08

Report Pages :

255

Format :

PDF/PPT/XLS/Hard Copy

Region Covered :

Global

Global Contactless Payment Transaction Market

The introduction of contactless payment transaction method has provided benefits for all the consumers, merchants and issuers. Contactless payment transaction performs at 60% more faster rate as compared to cash and traditional magnetic stripe cards. This is primarily contributing in gaining popularity for contactless payment transaction method across the globe. Usage of contactless payment transaction method is increased by 20 to 30% over cash payment method in past few years. Preference of digital wallet over traditional or cash payment method is becoming a latest trend and is expected to impact the growth of cashless payment transaction market in the near future.

Moreover, progressive acceptance of cloud computing is facilitating IT services results in the development of contactless payment transaction solutions. Government bodies are more inclined towards the adoption of cloud computing to facilitate with flexible services for contactless transactions. Government is also introducing policies for contactless transactions owing to its dynamic functionalities. For instance, Canadian government is focusing more towards the adoption of contactless transaction. With the implementation of contactless transaction method, it was reported that over 70% of contactless payment services were offered by retailers of Canada in 2015. 

Global Contactless Payment Transaction Market Segmentation

Global contactless payment transaction market is segmented on the following basis:

Based on Payment Mode

  • Digital Financial Transactions via Bank-based Applications
  • Contactless Smart Card (Radio-frequency Identification/Near Field Communication Technology)
  • Contactless/Digital Mobile Payments (Wallets, Phone-Pay Options)

Based on Devices Type

  • Wearable Devices
  • Mobile Phone Devices
  • Computers/Laptops
  • Point-of-Sale Devices

Based on Service Provider Type

  • Application Development Service Providers
  • Software Development Service Providers
  • Third-Party Support Service Providers
  • Other Cybersecurity & Solution Providers

Based on End-User

  • Government
  • Banking & Finance
  • IT & Telecommunication
  • Transportation & Logistics
  • Energy & Utilities
  • Healthcare
  • Retail
  • Hospitality

Based on Country

  • North America (U.S. & Canada) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
  •  Latin America (Brazil, Mexico & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
  •  Rest of World {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}

Market Size and Forecast (2017-2030)

The global contactless payment transaction market was USD 49.7 billion in 2016 and projected to grow at a CAGR of 41.0 % by the end of 2030.

Based on geography, Europe is the dominating market and accounted for 55% revenue share of the global contactless payment transaction market in 2015. In 2016, more than 3 billion contactless transactions were made by the European customers. The adoption of the wearable technology has become the traction for the major countries such as Australia, the UK and the U.S. As compared to other countries, Australia is more focused towards the reception of digital electronics. In 2015, 40% of Australian population has adopted for wearable technology, whereas 22% of UK and US population were accounted for the use of this technology. Asia-Pacific is the fastest growing region for contactless payment transaction market. Growing adaptation of digitization in India is driving e-commerce market and has shown 40% increase in digital transaction in past three years.

E-Commerce market is showing tremendous growth in Latin America as compared to the North America due to rising adoption of digital technologies in countries such as Brazil, Columbia, Argentina and Mexico. However North America is expected to grow at faster rate during the forecast period and accounted for the 15% revenue share of global contactless payment transaction market in 2015.

Market Drivers and Challenge

Fast transaction helps in time saving and reduces the stress for being in the queue. Usage of mobile wallets has made the transaction easier. It is also promoting “Tap and Go” services and helping in the reduction of cash payment management. Streamline payment is making operation handling more efficient. These factors are propelling the demand for contactless payment transaction method among consumers.

Covered in this Global Contactless Payment Transaction Market

Market Synopsis

Market Segmentation

Global contactless payment transaction market is segmented as follows:

  • By Payment Mode (Market Size, Demand Analysis and Growth Analysis)
  • By Devices Type (Market Size, Demand Analysis and Growth Analysis)
  • By Service Providers Type (Market Size, Demand Analysis and Growth Analysis)
  • By End-User (Market Size, Demand Analysis and Growth Analysis)

By Regions

  • North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
  • Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
  • Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
  • Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
  • Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
  • Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

  • Risk Factors
  • Regional Variations
  • Recent Trends and Developments

COVID-19 impact on "Global Contactless Payment Transaction Market "

The report analyzes and includes complete detailed chapter of 30-50 pages about the short term & long terms impact of COVID-19 outbreak on each segment of "Global Contactless Payment Transaction Market " along with government measures to support the sector. It also showcases the current market landscape during COVID, impact of the virus on leading companies, expected demand schedule and supply chain in the industry and other various major factors. This will help you identify those companies that may benefit from this pandemic as well as those that will lose out.

Top Companies in Competition & The Rising Stars

  • Apple Inc.
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
  • Barclays
  • Gemalto N.V.
  • Giesecke & Devrient GmbH
  • Heartland Payment Systems, Inc.
  • Ingenico Group
  • Inside Secure
  • On Track Innovations LTD
  • Samsung Electronics Ltd.
  • Verifone Systems, Inc.
  • Oberthur Technologies SA
  • Proxama PLC
  • Wirecard AG

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks

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Global Contactless Payment Transaction Market Report 2030: Based on Payment Mode, Based on End-User, Based on Country With COVID-19 impact | Forecast Period 2017-2030

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