The Global Contactless Payment Market is estimated to exhibit a CAGR of 11.20% during the forecast period of 2021-2028. High cost of deploying technologies along with risk of stolen or lost contactless cards will likely to act as market restraints factor for the growth of the contactless payment in the above mentioned projected timeframe. Banking laws and payment association rules along with lack of consumer awareness will become the biggest and foremost challenge for the growth of the market.
On the other hand, rising demand for mobile and wearable payment devices along with rising use of security features of emerging technologies, such as block chain and 5G which will further contribute by generating massive opportunities that will lead to the growth of the contactless payment market
According to Data Bridge Market Research, the contactless payment market will exhibit a significant rise in its market value. Increasing customer satisfaction and improved loyalty programs, rising number of contactless payments which ensure faster transactions, growing penetration of payment technology in smartphones and mobile handsets, less transaction time and convenience in the processing, rising adoption of digital payment platforms are some of the major as well as vital factors which will likely to augment the growth of the contactless payment market
Currently, Europe dominates the global contactless payment market in terms of market share and market revenue owing to the high penetration of smartphones and advancements in smart chip technology along with increasing adoption of near field communication (NFC) technology.
Now the question is which are the other regions that the global contactless payment market is targeting? Data Bridge Market Research has estimated a large growth in Asia-Pacific owing to the increasing adoption of mobile and contactless payment services along with increasing prevalence of various market players in the region.
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The global contactless payment market is segmented on the basis of countries into U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Key Market Competitors Covered in the Contactless Payment Market report
Above are the key players covered in the report, to know about more and exhaustive list of contactless payment market companies contact us https://www.databridgemarketresearch.com/toc/?dbmr=global-contactless-payment-market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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Global Contactless Payment Market – Industry Trends and Forecast to 2028