Contactless Payment Market – Global Opportunities & Forecast, 2020–2027
Global Contactless Payment Market
The GMI Research foresees an elevation in the Contactless Payment Market over the forecast period. This is because of the accelerating penetration of internet, introduction of several managerial norms, and the faster transaction processes.
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Contactless Payment Market Dynamics
The acceleration in the number of contactless payments because of the various advantages such as better purchasing experience of customers, safe transactions, less losses caused by fraud and faster transactions and enhanced customer satisfaction will strengthen the growth of the global contactless payment market. Also, the accelerating penetration of internet and increasing application of mobile phones will strengthen the market growth. Further, the increasing inclination of various industry verticals, such as retail and transportation towards quick transactions to certify the ease of consumers has paved the way for market growth.
In addition, the increasing application of security features of emerging technologies, such as blockchain and 5G as well as the surging demand for wearable payment devices has largely added to the market growth. However, the insufficient awareness among individuals and inflated initial implementation cost will hinder the Contactless Payment Market Size.
Technology Segment Drivers
The near field communication technology is projected to fuel at a larger rate over the forecast period. As per the Contactless Payment Market Report, this is because of the growing usage of this technology in the contactless payments. Several features of this technology, which include expedience, contrivance, and safety, and its potential to improve the user’s experience, have fuelled the market growth.
Component Segment Drivers
Based on the component, the hardware segment is anticipated to boom over the forecast period. This is due to the growing endorsement of the point of sales terminal among the customers. Several features concerned with the point of sale that includes economical deployment, better effectiveness & accuracy, movability, and user friendliness are leading to an expanding application of POS in the market will raise the market growth.
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