Contactless payments offer better collaboration in corporate environments to ensure rapid & secure transactions. In addition, these payments offer security of the card details, which are stored in mobile phones in the form of a secure element. This secure element could be in the form of subscriber identity module (SIM), secured chips, or secure digital card. Moreover, the hardware encryption can be only used in close proximity to the point of sale that makes contactless payments one of the most secure payments.
Seattle, WA -- (SBWIRE) -- 10/28/2019 -- The mobile payment industry has evolved over the past decade with advanced technologies and innovative developments by the key players for providing ease of payment using devices such as mobile handsets, point of sale terminals, NFC chips, smart cards, and others. Contactless payment systems comprise smart cards or other devices that integrate RFID or NFC technologies for making secure and contactless payment. Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity preventing unauthorized access during the transaction(s).
Near Field Communication (NFC) technology enables contactless payment by using standard-based wireless communication technology for exchanging information between a device and a point of sale terminal, thereby offering better and hassle-free customer experience. Moreover, NFC is used in mobile wallet, which is convenient for secured money transfers and ticketing transactions.
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The global contactless payments market is driven by reduced transaction time, convenience in processing low-value payments, and increased revenue opportunities. However, high costs involved for the installation of EPOS terminals and lower rate of adoption hamper the contactless payments market growth.
The global contactless payments market is segmented based on device type, industry vertical, and region. Based on device type, it is divided into mobile handsets, point of sale terminals, NFC chips, smart cards, and others. On the basis of industry vertical, it is classified into BFSI, retail, IT & telecom, transportation, hospitality, government, and others. The contactless payments market is analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including country level analysis for each region.
The key players operating in the contactless payments market include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.
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