Market Highlights
Market Research Future ( MRFR )’ s latest study confirms that the contactless payment market 2020 can record a growth rate of 11.2 % over the evaluation period ( from 2019 to 2025 ). We will provide COVID-19 impact analysis with the report , offering detailed market developments following the coronavirus disease outbreak .
Top Boosters and Main Barriers
The COVID-19 outbreak has affected almost every sphere of the global economy . People are now practicing social distancing following the lockdown imposed across countries , in conjunction with multiple corporate workers now working from home . Although SARS-CoV-2 has been a dreadful event for many of the worldwide industries , the contactless payment market seems to be doing quite well , since the fear of the novel coronavirus disease has steered people ’ s focus on secure payment modes . The rising use of smart phones , the expanding internet infrastructure , and the remarkable surge in the app-based economy have also compelled innovators to opt for digital payments , and in particular , for contactless payments . In the past few years , the dependency on cash as well as traditional means of banking has gone down , in turn , driving the demand for contactless payments .
The chaotic environment induced by the pandemic has also brought contactless payment to the forefront , especially with the rising use of radio frequency identification ( RFID ) technology or nearfield communication ( NFC ). The expanding worldwide urban population has boost the need for convenient but faster transaction modes , with even higher demand for enhanced customer experiences , which is yet another reason for the rising popularity of contactless payments . Another plus point of contactless payments , especially in these uncertain times , is it that people from different fields are still able to perform commercial activities without being exposed to SARS-CoV-2 .
Government , banks and other financial institutes are coming up with various features that integrated into contactless payments to further mitigate the COVID-19 impact . For instance , in June 2020 , BNP Paribas added the biometric authentication feature to contactless payments to address the problems induced by the novel coronavirus . The French bank has started offering a Visa card that has the ability of storing fingerprint information . Customers will now able to make contactless payments of higher-value with this new card .
Segmentation :
The
Contactless Payment market has been considered for sections such as technology , component , payment mode along with vertical .
The key technologies covered in the market study are near field communication , host card emulation and radio frequency identification .
The component-wise market sections can be solution , service and hardware . Payment modes studied in the report include smartcards , smartphones , and more .
Vertical-wise market segmentation comprises healthcare , BFSI , transportation & logistics , media & entertainment , hospitality & travel , retail , and more .
Regional Insight