South America , Asia Pacific / APAC , the Middle East & Africa , North America and Europe are the primary markets for contactless payment .
Europe can emerge to be the market leader in the coming years , backed by the huge number of renowned vendors like Ingenico , Valitor and Wirecard present in the region . Europe is a fragmented market , which is governed by multi-languages as well as multi-currencies . There is a diverse range of nations , among which the technologically and economically ones are Germany and the UK . In these countries , the overall contactless spending is quite significant , along with the surge in the use of contactless cards as well as terminals by the card vendors like Mastercard and Visa , which has made contactless payment a thriving market in the region .
The APAC market ’ s expansion in the following years can be at the fastest rate , presumes MRFR . The report cites the rising use of electronic payment technologies to be a chief growth booster in the market . APAC consists of some of the fastest developing nations like India and China , in addition to the promising South East Asian economies like Singapore , Philippines , Indonesia , and others that are rapidly taking up the latest technologies to keep pace with other economically advanced countries in the world . Moreover , the region is a significant testing ground in terms of contactless payment , given its penetrable and expanding financial infrastructure , which could be a massive growth enhancer for the contactless payment market .
Key Industry Competitors
Wirecard AG ( Germany ), Idemia ( France ), Mypinpad ( London ), CPI Card Group ( US ), Alcenio ( France ), Identiv ( US ), Valitor ( Iceland ), On Track Innovations ( Israel ), Paycore ( Turkey ), Giesecke + Devrient ( India ), Gemalto NV ( Netherlands ), Ingenico ( France ), Infineon Technologies ( Germany ), Verifone Holdings , Inc ( US ), are some of the key industry competitors outlined in the MRFR market study .
Latest Updates July 2020
O-CITY , BPC bank ’ s transport payment department , has become a member of the Visa Ready for Transit program . This move is expected to boost the availability of the company ’ s contactless payment technology , leading to its higher adoption across the globe .