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Contactless Payment Market Future Prospects and Regional Outlook
by sanjaymrr · July 2 Cheap NBA Jerseys Wholesale , 2019


The demand within the global market for contactless payment has been rising due to the popularity of digital transactions. Customers have become increasingly aware of the various types of options available for making contactless payments which has given an impetus to market growth. Furthermore, the emergence of digital currencies such as bitcoin has also played to the advantage of the global market for contactless payment. Safety and security of payments has become the most important concern for individuals, businesses, governments, and organisations. For this reason, contactless payment has been adopted as the primary means for transaction of huge funds from one entity to another.


The demand for contactless payment has been rising at a robust rate as advanced digital platforms for fund-transaction emerge. It is expected that the market vendors in the global market for contactless payment would come up with better services and features on their apps to attract a larger consumer base. Furthermore Cheap NBA Jerseys From China , the availability of data packets on mobile phones and other communication devices has also played an underhanded role in the growth of the global market for contactless payment in recent times. The emphasis given by government organisations on the deployment of advanced payment options across industries has also aided the growth of the global contactless payment market.


The use of contactless payment in the retail sector has played a pivotal role in the growth of the global market for contactless payment. It is projected that the use of digital transactions in the medical and healthcare industries would also propel demand within the global contactless payment market.


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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 Cheap NBA Jerseys China , 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.


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 Cheap NBA Jerseys , 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 Cheap Jerseys China Free Shipping , 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 Cheap Jerseys China Wholesale , 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 Cheap Jerseys Free Shipping , 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 Cheap Jerseys Wholesale , Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.


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Contactless Payment Market: Regional Outlook


As of 2016 Cheap Jerseys From China , 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.