Global Contactless Payment Terminals Market Size, Status and Forecast 2021-2025
The Contactless Payment Terminals Market report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments and focuses on market capacities and on the changing structure of the Contactless Payment Terminals.
The global contactless payment terminals market was valued at USD 13.23 billion in 2019 and is expected to reach USD 51.07 billion by the end of 2025, growing at a CAGR of 25.86% during the forecast year (2020 – 2025).
– The pace with which the payments can be processed is making contactless payment lucrative for businesses and the faster checkout times, along with the ease of payments, are making users upgrade their cards to contactless ones.
– Contactless payments with a contactless card, payment-enabled mobile, or wearable device at a contactless-enabled checkout terminal, are witnessing increasing adoption.
– While increasing internet penetration is driving the growth of the contactless payment terminals market, concerns over the security of information that is visible through such terminals is set to hinder the growth to some extent.
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Top Leading Companies of Global Contactless Payment Terminals Market are Thales Group (Gemalto NV), OTI Global, VeriFone Systems Inc, Visiontek, Ingenico Group SA, Hewlett Packard Enterprise, Castles Technologies, ID Tech Solutions and others.
Industry News and Updates:
– April 2019 – OTI, a global provider of near field communication (NFC) and cashless payment solutions, announced that it had received a significant order for more than 6,000 advanced payment systems for use in Russian rail ticketing systems.
– April 2019 – Hewlett Packard Enterprise (HPE) worked alongside Saudi Payments to provide an agile infrastructure to enable contactless (NFC) payments by mobile. The solution, built on HPE Synergy and using HPE 3PAR and HPE Synergy Image Streamer, provides an agile infrastructure, the highest levels of application performance and the fastest provisioning process, whilst meeting anticipated compliance standards.
Key Market Trends:
Increasing Internet Penetration to Drive the Contactless Payment Terminals Market
– The growth of the contactless payment terminals market will be driven by internet penetration as a strong internet connection is the backbone of this payment method.
– The number of internet users in 2018 reached more than 4 billion, depicting a 7% year-on-year growth rate.
– Moreover, with increasing digitization and smart cities, people will be more inclined towards contactless payment methods as they offer convenience and quicker checkout time.
– Also, smartphone manufacturers are coming out with contactless payment methods such as Samsung Pay. All this will aid the contactless payment terminals market to grow.
– Moreover, North America has the highest internet penetration rate followed by Europe, Australia, Latin America. The world average of internet penetration rate is 56.80 %. With increasing penetration level of the internet, people are adapting themselves to new technology and they are becoming more technology oriented. This boost the contactless payment market.
– Applications like Google Pay, Apple Pay, Samsung Pay & many more are driving the market by providing easy to use, one tap money transfer, rewards and lot of other perks.
Europe to Have Largest Share in the Contactless Payment Terminals Market
– Owing to increasing smart card rollouts and technological advancements, Europe is expected to lead the market with the largest share.
– According to the Electronic Transactions Association (ETA), contactless payments on the Mastercard and Maestro networks grew by 145% in Europe, in 2018. Growth in contactless payments was robust across multiple countries in Europe, thus driving interest in wearable payments.
– According to UK Finance, there were 1.6 billion debit and credit card transactions in the UK. Nearly a third of all card transactions in the UK were made using contactless cards. There were 642 million contactless card transactions in January 2019, a 19.5 percent increase from 537 million a year earlier.
– Moreover, banks are integrating with mobile payment apps in the European region, owing to the increasing adoption of smartphones. For instance, Apple is integrating with Monzo.
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Highlights of the Contactless Payment Terminals Market Report:
– Detailed overview of Contactless Payment Terminals Market
– Changing the Contactless Payment Terminals market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Contactless Payment Terminals market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Contactless Payment Terminals Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Contactless Payment Terminals Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Contactless Payment Terminals industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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