Mumbai, India, May 24, 2016 --(PR.com
)-- The recently added report on the contactless payments market by DecisionDatabases.com covers the full descriptive analysis of the market. The report studies the worldwide market and provides historical & futuristic data about the market share, size, and revenue. The future trends and developments are analytically studied to provide an intellectual insight about the global contactless payments industry.
Contactless payments are secured cashless imbursement through various systems/payment instruments. These systems are facilitated with embedded chip and antennas that help customers swipe their plastic money at sale’s terminal. These payment systems include credit cards, debit cards, key fobs, smart cards or other devices that including smartphones and mobile devices.
Technology such as radio-frequency identification (RFID) and near field communication (NFC) are used to make the contactless transactions. EMV (Europay, MasterCard® and Visa®) chips are the leading contactless payment mechanisms used worldwide. These chips aid in combating deceptive actions. Moreover, it helps in protecting sensitive payment information during transaction. Therefore, it allows fast transaction as no monogram or PIN authentication is essential for imbursement over conventional mode. According to the UK Cards Association, in March 2016 about £1,508.4 million was spent through contactless payment modes by UK inhabitants. In addition, it observed that debit cards were more preferred over other payment instruments in UK.
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Trending use of internet shopping, QR & ID codes and mobile banking services have empowered growth in contactless payment market. E-commerce has amplified the demand for contactless payment owing to the ease of transaction. Moreover, financial service providers are aiming at expedient payment mechanism to provide better services to the customers. However, cash transactions are still preferred by customers owing to threats of cyber-attacks and resistance to technological upgradation in disbursement mode. North America is the leading geography followed by Europe in the contactless payment market. Asia Pacific is rapidly emerging market in this industry owing to the rising adoption and preference to e-commerce.
- Awareness and rising use of plastic money
- Resistance to que and time consuming payment modes
- Increased convenience for low value payments
- High initial investments involved in adopting electronic point of sale (EPOS) terminals
- Threat for cyber-attack
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Contactless payment market attractiveness analysis has been included in order to analyse the application segments that are estimated to be lucrative during the forecast period on the basis of their market size and growth rate. Attractiveness of the market has been derived from market size, profit margin, growth rate, and availability of raw materials, competition, and other factors such as social and legal constraints.
The contactless payment market has been segmented based on applications such as government, banking, financial services and insurance (BFSI), telecommunication & IT, transportation & logistics, energy & utilities, healthcare, retail, hospitality and others.
#SEGMENTATIONS in report:
A. Contactless Payment Market Analysis By Solution
- Payment Terminal Solution
- Contactless Mobile Payment Solution
- Device Management Solution
- Transaction Management Solution
- Data Management Solution
- Security And Fraud Management Solution
- Hosted POS Solution
- Analytics Solution
B. Contactless Payment Market Analysis By Payment Mode
- Mobile Handsets
- Contactless Smart Cards
- Contactless Form Factors
C. Contactless Payment Market Analysis By Service
- Professional Services
- Managed Services
- Multi-Channel Payment And Value-Added Services
D. Contactless Payment Market Analysis By Application
- Banking, Financial Services And Insurance (BFSI)
- Telecommunication & IT
- Transportation & Logistics
- Energy & Utilities
E. Contactless Payment Market Analysis By Geography
- North America
- Asia Pacific
- Latin America
- Middle East And Africa
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