Global Contactless Payment Transaction Market to Expand at 55.5% CAGR with Increasing Use of Smartphones

The global contactless payment transaction market is predicted in a report by Transparency Market Research (TMR) to witness a high level of competition among manufacturers. The report also notes that there could be a significantly aggressive seller scene observed in the market due to the entry of large and small players. The market is expected to find intense rivalry within different end-use industries on the part of contactless payment transaction. Influx of new members could increase rivalry and fracture in the consideration of administration costs. Top market leaders such as Ingenico Group, Gemalto N.V., and Barclays could make their presence known in the industry.

TMR prognosticates the global contactless payment transaction market to rise at a 55.5% CAGR between 2017 and 2025 to be valued at an US$801.4 bn by the final forecast year. By mode of payment, contactless card (NFC/RFID) could collect a larger share of the market in the near term. By region, Europe is anticipated to bag a king’s share of the market, considering its US$14.1 bn valuation attained in 2017.

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Installing point-of-sale (POS) machine for contactless payment could be a tough challenge since it bears an expensive cost. On the other hand, ordinary POS machines may not require as much expense as those designed for contactless payment. Furthermore, susceptibility of contactless payment transactions to frauds is another challenge that the global market could face the brunt of.

However, benefits such as quick payment arrangements via standard contactless travel card, NFC mobile phone, or EMV contactless card are envisioned to support the growth of the international contactless payment transaction market. Moreover, leading vendors are being very particular about enabling secure transactions by providing regular security updates. Additionally, large consumer base of mobile phone users could be an added advantage for the market.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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