Pune, India -- (SBWIRE) -- 02/08/2019 -- Contactless payments are transactions performed rapidly without compromising on security & privacy. These transactions are fast-paced as they do not need any pin or password to method the payments.

Contactless payments offer improved collaboration in corporate environments to guarantee rapid & secure transactions. In addition, these payments offer security of the card particulars, which are stored in mobile phones in the form of a safe element. This safe element could be in the form of subscriber uniqueness module (SIM), secured chips, or secure digital card. Moreover, the hardware encryption can be only used in closeness to the point of deal that makes contactless payments one of the most secure payments.

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The Contactless Payments market size is expected to grow Compound Annual Growth Rate (CAGR) of +20% during the forecast period.

The global contactless payments market is driven by suitability in processing low-value payments, increased revenue opportunities, and compact transaction time. However, high costs complicated for the deployment of EPOS terminals and lack of trust and security concerns hamper the market growing. Consumers as well as enterprises have gradually adopted number of ways for convenient and secure payments. One of such medium is a contactless system that has modernized the retail and transportation industries in the past few years.

The major vendors covered in the contactless payment market for the study include Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard AG, Heartland Payment Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and Proxama PLC.

Key players in the Contactless Payments market have been identified by region and the emerging products, distribution channels and regions are understood through in-depth discussions. Also, the average revenue of these companies, broken down by region, is used to reach the total market size. This generic market measurement is used as part of a top-down process to assess the size of other individual markets through a secondary source catalog, a database, and a percentage of basic research

Contactless Payments Market Key Segments:
- By Device Type
- Mobile Handsets

Point of Sale Terminals
- NFC Chips
- Smart Cards
- Others

By Industry Vertical
- BFSI
- Retail
- IT & Telecom
- Transportation
- Hospitality
- Government
- Others

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The global contactless payments market was led by the mobile devices segment in 2019, and is expected to continue this trend during the forecast period. However, the smart cards section is estimated to witness the highest growth, owing to rise in adoption of these cards due to benefits such as convenience and speed.
The market is escalating rapidly, owing to rising digitization and continuous advancements in the field of cognitive science and computer science that are shaping the way for a new technology. Be that as it may, the cost acquired in making the products is more and the unmistakable degree of profitability is low, in this way representing a major restraining factor for the market's development.

Key Benefits
- This study includes the analytical depiction of the global contactless payments market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed impact analyses.
- The current market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
- Porters five forces analysis illustrates the potency of buyers & suppliers in the global contactless payments industry.

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