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2020-09-08
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Global
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 is segmented on the following basis:
Based on Payment Mode
Based on Devices Type
Based on Service Provider Type
Based on End-User
Based on Country
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.
Market Synopsis
Market Segmentation
Global contactless payment transaction market is segmented as follows:
By Regions
Market Dynamics: Growth Drivers, Restraints and Opportunities
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.
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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