Houston, TX -- (SBWIRE) -- 08/27/2018 -- The report also presents a 360-degree overview of the competitive scenario of the global Next Generation Payment Technology Market, thus Evident transformation has taken place in the world of digital and mobile payments in the last 4 years (2013-2018). The rise of internet, the success of mobile point-of-sale devices and smartphones in terms of usage by various applications and the availability of large unbanked population in emerging economies have created new and exciting opportunities for service providers. These opportunities have been sensed by technology, and commercial organizations and by even telecommunication players. Banks and other financial institutions in the financial transaction ecosystem have developed in-house payment products in order to preserve their payments revenues and take advantage of emerging payment platforms such as mPOS, mobile wallets, virtual terminals, mobile apps and mobile money.

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Evident transformation has taken place in the world of digital and mobile payments in the last 4 years (2013-2018). The rise of internet, the success of mobile point-of-sale devices and smartphones in terms of usage by various applications and the availability of large unbanked population in emerging economies have created new and exciting opportunities for service providers. These opportunities have been sensed by technology, and commercial organizations and by even telecommunication players. Banks and other financial institutions in the financial transaction ecosystem have developed in-house payment products in order to preserve their payments revenues and take advantage of emerging payment platforms such as mPOS, mobile wallets, virtual terminals, mobile apps and mobile money.

The next generation payment technology market is expected to progress at a significant rate since the end customers belong from diversified application portfolio ranging from retail to healthcare. The growth for this market is being driven by factors such as:

Massive proliferation of smartphones and tablets with payment technology capabilities
Growing popularity of wearable technology
Increasing adoption of e-commerce and m-commerce services
The payment technology market is expected to grow in the coming future due to its convenience, cost effectiveness, durability, portability and reliability.

However, the payment technology market consists of certain negative challenges which are inhibiting the overall growth for this market:

Cost of deployment of emerging payment technology
Integration of payment technology
Misuse of stored data/privacy breach
The payment technology market consists of certain opportunities which can lead to augmentation of the payment technology market and its overall growth:

Future in e-commerce
Global adoption of digitalization services
The payment technology market consists of certain market restraints which may stagnate the payment technology and hinder the overall growth for this market:

Pressure of big players
Lack of innovative business models
The major key players in the market: Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone, First Data, Cayan, Adyen, and Worldpay etc.

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With associated advantages of multi-level security, convenience and advanced quality, the global next generation payment technology market will witness unprecedented growth and is anticipated to have double digit growth rate in the forecast period. The total transaction value through payment transactions from latest payment technology is estimated to grow over $14,000 billion by 2023 at a CAGR of 35.98% through the forecast period. The retail application segment is expected to grow at a CAGR of 36.64% from 2018 to 2023 as the demand for payment technology integrated smartphones, tablets, and wearable devices and demand of terminals, beacons, readers, point-of-sale devices for merchants is increasing. Also, the mobile payments and mobile point-of-sale entitled transactions are more accepted when compared to payment transactions using fixed POS devices, magnetic strip cards, and bank account transfer as they are more convenient to carry out transactions.

The NFC payment technology market size is growing at the highest rate due to increasing adoption of contactless payment technology in mobile handsets and wearables while EMV will dominate the payment technology market by 2023. Ease of integration of NFC payment technology with existing payment systems and increase in payment transaction is driving the growth of the market.

North America accounted for highest share in global payment technology market with robust growth in transaction value throughout the forecast period. North America is expected to grow at a CAGR of 58.26% in the forecast period from 2018 to 2023. Asia Pacific is the next region leading the payment technology market and will under-go a fast growth rate of 41.58% throughout the forecast period.

Europe is expected to have largest market share of the contactless payment technology market in 2018 due to technological advancements and increasing contactless smart cards such as NFC enabled cards adoption. APAC is anticipated to have the highest growth rate during the forecast period due to increasing number of contactless payment technology enabled smartphones and mobile devices in countries such as China, Australia, Japan and India.

Table of Contents (TOC)

Global Next Generation Payment Technology Market Research Report Forecast 2023

Chapter 1:- Next Generation Payment Technology Market Overview

Chapter 2:- Economic Impact on Industry

Chapter 3:- Production, Business Opportunities with Potential Analysis

Chapter 4:- Rising Trends and New Technologies with key players

Chapter 5:- Manufacturing Cost Analysis

Chapter 6:- Technology Progress, Development Process and Downstream Buyers

Chapter 7:- Marketing Strategy Analysis, Distributors/Traders

Chapter 8:- Market Share by Key Countries in These Regions

Chapter 9:- Show the Market by Type and Application, With Sales Market Share and Growth Rate

Chapter 10:- Appendix and Data Source

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