06-Sep-2021 | Zion Market Research
Major companies in contactless payment terminals market are Gemalto, Giesecke+Devrient, Ingenico, InsideSecure, Oberthur Technologies S.A., On Track Innovations, PAX Technology, Inc., Proxama Plc, Verifone, and Wirecard, among others. These players are set to bolster the development of global contactless payment terminals market.
According to analysts at Zion Market Research, the global contactless payment terminals market accounted for USD 14.24 Billion in 2020 and is expected to reach USD 66.30 Billion by 2028, growing at a CAGR of 21.2% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Contactless Payment Terminals Market is segmented by Technology (Bluetooth, Infrared, Carrier-based and Wi-Fi), by Payment Method (Account-based, Credit/Debit Card, Stored Value, and Smart Card), by Device (Integrated POS, mPOS, PDA, Unattended Terminal and Contactless Reader), by End-user Industry (Retail, Transportation, Banking, Government and Healthcare): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Innovations and advancements in payment securities setting growth of market
The market's growth is being bolstered by continuous product and service innovation, as well as advancements in payment security technologies. Furthermore, contactless payments allow for money transfers between a point-of-sale terminal and a customer's payment device. Over the forecast period, the market is expected to grow due to a paradigm shift in customer payment awareness and preferences. Furthermore, the increasing use of contactless technologies in a variety of applications, such as ticketing, toll booths, gas stations, and vending machines, is expected to drive market growth.
The market will grow due to rising demand from merchants and consumers to reduce billing and transaction times. Merchants and consumers are both concerned about the safety and security of money transactions. The market is expected to grow due to a number of factors, including rising government initiatives and ongoing advancements in networking infrastructure for the development of smart solutions. Several government administrations around the world are encouraging merchants to use advanced payment systems.
Presence of big players in the region support European dominance
In 2020, Europe dominated the contactless payment market, accounting for over 33% share of global revenue. The growth of the regional market can be attributed to the region's consistently increasing electronic money transactions. The demand for contactless payment in the region is expected to be driven by payment solutions enabled by real-time and biometric data, as well as the secure performance of smart card transactions. Additionally, favourable government regulations, such as open banking and the second Payment Services Directive, are aiding regional market expansion.
Browse the full “Contactless Payment Terminals Market Is Segmented By Technology (Bluetooth, Infrared, Carrier-Based And Wi-Fi), By Payment Method (Account-Based, Credit/Debit Card, Stored Value, And Smart Card), By Device (Integrated POS, MPOS, PDA, Unattended Terminal And Contactless Reader), By End-User Industry (Retail, Transportation, Banking, Government And Healthcare): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/contactless-payment-terminals-market
The global contactless payment terminals market is segmented as follows:
By Payment Method
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