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Contactless payment is a digital payment method to purchase products or services using a debit, credit, QR (quick response), smartcards, digital wallets, or near-field communication (NFC). The contactless payments offer speedy transactions just by entering the unique PIN by users. Contactless payments are majorly used for transactions in BFSI, retail, IT & telecom, transportation, hospitality, government, and among others.
The contactless payment provides fast and instant money transactions. The smartcards or the NFC cards can be prepaid and can be redeemed while shopping. The contactless payment also offers payment directly through one bank account to the other such as digital wallets, QR code among others. With the rising payment options, the adoption of contactless payment is rising.
Key Market Driver -
• Increase in demand for smartphones and gadgets • Easy and instant payment from the bank account directly
Key Market Restraint -
• Security concerns associated with contactless payments
Regardless of whether it’s a ticket or a sports jersey or grocery shopping, the users are more inclined towards buying products instantly and effectively. As contactless payment offers quick approvals from banks, the money is transferred to the account instantly. During the emergency situations like x-rays, CT scans, accidental cases, or purchasing medicines, contactless payment can make a huge difference than the other time-consuming payment modes.
Few of the key vendors in contactless payments market are MasterCard Inc., Visa Inc., Giesecke & Devrient GmbH, Google Inc., Apple Inc., Samsung Electronics Co. Ltd., Thales Group, PayPal Holdings Inc., Amazon.com Inc., among others. The retailers are applying various strategies to attract users and customers to enhance the adoption of contactless payments. The retailers such as Samsung Electronics Co. Ltd., Starbucks are offering cash backs, rewards, and discounts for paying through contactless payment gateways. Also, many networks providing companies are collaborating with different payment technology vendors.
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North America is expected to cover the maximum share in the global contactless payment market. The adoption of the payment process through online debit or credit cards is more preferred in the U.S. APAC region is also witnessing the adoption of contactless payment at the point of sale. The increasing smartphone users and high penetration of internet networks are boosting the adoption of contactless payment in APAC. Europe has also gained traction in the contactless payment market. The majority of people in Europe region have a bank account; thus, people are adopting payment solutions offering direct transactions through bank accounts. The Middle East and Africa and Latin America regions are also adopting the contactless payments owing to various collaborations between the banks, network provider and contactless payment providers.
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