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Contactless payment is the mode where in secure payment transactions are done using technologies such as bluetooth, infrared, radio frequency identification (RFID), and near field communication (NFC). Contactless payment takes almost one-tenth of the time taken by the traditional electronic transaction making it more hassle-free for the customers. The need to make payment more securely and the convenience to pay fast without having any cash or identity details is making contactless payment mode popular game changer. Initially, contactless cards were used in the form of travelling tickets only; it has evolved and is helping consumers to make payments for almost anything. Contactless payment has an upper limit to amount paid and number of transactions per day.
Contactless Payment Market: Drivers
A number of factors are contributing to the growth of contactless payment systems such as advancement in contactless payment technology, rising awareness of plastic money among the buyers, increasing frequency of purchases and the need for fast transaction time without any inconvenience of standing in long queues. Contactless payment is further evolving, making itself a useful interface between the consumers and retailers, advertiser, and marketers.
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Contactless Payment Market: Restraints
The initial installation cost, government limitation to number of contactless payment transactions per day and the amount limitation that can be transacted per day are few shortfalls of contactless payment which are hindering the contactless payment market growth. Risk of spyware, malware and virus attacks due to usage of numerous systems is limiting the adoption of contactless payment globally. Low awareness of this mode of payment, especially across Asia Pacific and Latin America, is further restricting the contactless payment market growth.
Contactless Payment Market: Segmentation
Contactless payment market can be segmented on the basis of type, mode of payment, end user, technology and region. On the basis of type, contactless payment market can be segmented into hardware and software. Hardware can be sub-segmented into smart-cards, point of sale (POS) terminals and smart-card readers. The software segment can be sub-segmented into smartcard reader drivers, POS software, application programing interface (API), software development kit (SDK) and mobile applications. On the basis of mode of payment, contactless payment market can be segmented into smart card, smart wearable, smartphone and others. On the basis of end user, contactless payment market can be segmented into Banking, Financial services and Insurance (BFSI), retail, public sector, transportation and logistics, hospitality, and others. On the basis of technology, contactless payment market can be segmented into infrared based, Bluetooth based, NFC based and RFID based. On the basis of region, contactless payment can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
Contactless Payment Market: Regional Outlook
As of 2016, contactless payment system has high penetration in North America. The market in Europe is expected to grow considerably in the near future. Asia Pacific is contributing to the contactless payment market with growing purchasing power of people in the region, and also due to increasing acceptance of this mode of payment.
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Contactless Payment Market: Competition Landscape
The key players in the contactless payment market include ACS (Advanced Card Systems) Ltd., Chip & Pin Solutions Ltd., Mifare Pty Limited, Ingenico Inc., Gemalto N.V., Verifone Systems Inc., Heartland Payment Systems Inc., On Track Innovations Ltd., Castles Technology Co. Ltd., and Bindo Labs Inc. These companies are investing in updated technologies to improve the existing system and a few of them are following the strategy of mergers and acquisition to upgrade their payment system. Increasing innovation in the contactless payment mode and initiatives to enhance awareness of contactless payment technology is anticipated to drive the contactless payment market.
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by Divakar Kolhe (a month ago!)