Contactless Payments Are Growing Worldwide

Contactless Payments Are Growing Worldwide

The global contatless payments market is expected to grow at a fast pace over the forecasted period, 2014 – 2025, according to a survey.

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The global contatless payments market is expected to grow at a fast pace over the forecasted period, 2014 – 2025, according to an analysis provided by Grand View Research.

As the study stated, these findings can be attributed to the mass adoptation of contactless payments by several sectors, thereby offering convenience to the customers.

This means that transactions can be carried out without any physical connection between consumer`s payment device and a terminal located at the place of sale.

“Contactless payments offer efficient and quick payment solutions through an EMV contactless card, NFC mobile phone, or standard contactless travel card.“ , according to the research.

Also, mobile phone payments, key fobs, stickers, and cards are some of the device, that are used for conducting contacless payments.

In terms of regional insights, North America is expected to dominate the market over the forecast period because several advancements have emerged from the smart chip technology.  The hight usage of smartphones is as well forecasted to drive demand in Europe. As for the Asia Pacific, it is expected to become an important player in the market. This is expected to happen as the population there is growing, as well as the adoptation of payment services.

The key participants in the industry that were found by the analysis are Gemalto, Visa Inc., Giesecke & Devrient GmbH, Heartland Payment Systems and others.

A full overview of the main results from the analysis can be found on the following link.

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