Contactless Payment Terminals Global Market Report 2022

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Oct 04, 2022, 08:30 ET

DUBLIN, Oct. 4, 2022 /PRNewswire/ -- The "Contactless Payment Terminals Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global contactless payment terminals market.

This report focuses on contactless payment terminals market which is experiencing strong growth. The report gives a guide to the contactless payment terminals market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

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Major players in the contactless payment terminals market are MasterCard Inc., Visa Inc., Giesecke And Devrient GmbH, Google Inc., Apple Inc., Samsung Electronics Co. Ltd., PayPal Holdings Inc., Amazon Inc., Heartland Payment Systems, Verifone Systems Inc., Ingenico Group SA, Oberthur Technologies Morpho, Thales Group, Wirecard AG and OTI Global.

The global contactless payment terminals market is expected to grow from $16.25 billion in 2021 to $19.74 billion in 2022 at a compound annual growth rate (CAGR) of 21.4%. The contactless payment terminals market is expected to grow to $43.42 billion in 2026 at a CAGR of 21.8%.

The contactless payment terminals market consists of the sales of contactless payment products and services by entities (organizations, partnerships, and sole proprietors) that facilitates a secure payment method utilizing a debit or credit card, smartcard, or another payment machine by using RFID technology and near-field communication. Contactless payment terminals are devices that facilitate electronic fund transfer in a contactless manner. To use the system, a customer taps his or her payment card near a terminal that is equipped with the technology.

The main device types for contactless payment terminals include smartphones and wearables, smart cards and point-of-sale (POS) terminals. Smartphones and wearables enable a contactless card to communicate to a reader into a tiny piece of secure digital payment system that can be invisibly integrated into a range of wearable technology.

The different contactless payment terminals solution outlook includes payment terminal solution, transaction management, security and fraud management, hosted point-of-sales and analytics. The different contactless payment terminals payment modes include account-based, credit/debit card, stored value, smart card and other payment modes for applications including food and groceries, pharmacy and drug stores, restaurants and bars, consumer electronics, media and entertainment, and other applications.

Western Europe was the largest region in the contactless payment terminals market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contactless payment terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The contactless payment terminals market research report is one of a series of new reports that provides contactless payment terminals market statistics, including contactless payment terminals industry global market size, regional shares, competitors with a contactless payment terminals market share, detailed contactless payment terminals market segments, market trends and opportunities, and any further data you may need to thrive in the contactless payment terminals industry. This contactless payment terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing popularity of contactless payments has been a major driving factor for the contactless payment terminals market. Contactless payments are gaining popularity due to their convenience and preference. As a result, wearable device manufacturers are incorporating near-field communication (NFC) technology as a standard into most gadgets to provide greater convenience by removing the need to fumble with a wallet, purse, or phone.

According to the 2020 American Express Digital Payments survey, 58% of consumers who have used contactless payments in the past believe they are more willing to use them now than they have ever been. Hence, the growing popularity of contactless payments is expected to drive the market.

Technological advancements are shaping the contactless payment terminals market. Companies in the market are focusing on developing payment platforms that are better, efficient and also increase penetration and reach of contactless payments.

For instance, in 2022, India-based financial technology company, Infibeam Avenues Limited (IAL) announced a no-hardware contactless mobile point of sale (POS), facilitating card payment transactions for small vendors through a tap-on-phone technology. The 'SoftPoS' technology can turn smartphones into payment terminals without additional hardware. The technology is expected to reduce costs for small and medium retailers and vendors.

In March 2022, Infibeam Avenues, a publicly-traded fintech startup, purchased payments-focused Uvik Technologies for INR 75 crore ($9.9 million) in cash and equity. Season Two Ventures, a venture capital firm, will profit from the acquisition, according to a statement. Uvik is a company that specializes in contactless payments and has developed a system that allows any smartphone to be used as a payment device. This is supposed to be a strategic deal for the company that would propel it to the next level of growth.

The countries covered in the contactless payment terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Key Topics Covered:

1. Executive Summary

2. Contactless Payment Terminals Market Characteristics

3. Contactless Payment Terminals Market Trends And Strategies

4. Impact Of COVID-19 On Contactless Payment Terminals

5. Contactless Payment Terminals Market Size And Growth
5.1. Global Contactless Payment Terminals Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Contactless Payment Terminals Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Contactless Payment Terminals Market Segmentation
6.1. Global Contactless Payment Terminals Market, Segmentation By Device Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Smartphones And Wearables
Smart Cards
Point Of Sale Terminals

6.2. Global Contactless Payment Terminals Market, Segmentation By Solution Outlook , Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Payment Terminal Solution
Transaction Management
Security And Fraud Management
Hosted Point of Sales
Analytics

6.3. Global Contactless Payment Terminals Market, Segmentation By Payment Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Account based
Credit or Debit Card
Stored Value
Smart Card
Other Payment Modes

6.4. Global Contactless Payment Terminals Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Food And Groceries
Pharmacy And Drug Stores
Restaurants And Bars
Consumer Electronics
Media And Entertainment
Other Applications

7. Contactless Payment Terminals Market Regional And Country Analysis
7.1. Global Contactless Payment Terminals Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Contactless Payment Terminals Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/gqy4br

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