Contactless Payments Market Expected to Reach $9.88 Billion by 2018 – Report by MarketsandMarkets
(PRWEB) April 21, 2014 -- The report "Contactless Payments Market [by Solutions (Payment Terminal, Business Management, Card Issuance, Anti-Skimming), by Services (Consultation, Integration, Value Added Services)] - Global Advancements, Market Forecasts and Analysis 2013 - 2018" defines and segments the Contactless Payments market into various sub-segments with an in-depth analysis and forecasting of revenues. The report also identifies the factors driving this market, various restraints and opportunities impacting it along with the technology roadmap and adoption trends.
Browse 98 market data tables and 63 figures spread through 238 pages and in-depth TOC on “Contactless Payments Market [by Solutions (Payment Terminal, Business Management, Card Issuance, Anti-Skimming), by Services (Consultation, Integration, Value Added Services)] - Global Advancements, Market Forecasts and Analysis 2013 – 2018."
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MarketsandMarkets broadly segments the Contactless Payments market by payment modes such as contactless payments via mobile handsets, contactless smart cards and key fobs. The report also covers types of solutions: payment terminal solutions, business management solutions, card issuance solutions, and anti-skimming solutions. It is also segmented by types of services including consultation services, integration services and value added services. The Contactless Payments market is also segmented by type of verticals: banking financial services and insurance (BFSI), consumer goods and retail, healthcare, government and public sector, telecom and IT, transportation and logistics; and by regions: North America (NA), Europe (EU), Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA).
Contactless Payments are used at a massive scale in various regions such as Asia, Europe, and North America, by providing numerous advantages to issuers, retailers, and consumers. The issuers can easily penetrate the cash payment market through contactless payments, and receive the benefits of cash payment market, enjoy increased customer transaction volume, and improve customer retention and loyalty. However, consumers get the facility of hands free payment and the capability to pay for number of services by using one device. The Contactless Payment providers are strengthening their market position through mergers and acquisitions, and are investing heavily in new technologies to address the increasing demand for Contactless Payment solutions.
In the retail sector the latest trend is said to be contactless payment solutions. The merchants embrace contactless payment technology, as they strongly believe that speed and convenience are very essential requirements for them to increase the transaction volumes. For the technology to be successful various types of RF technologies are currently being used including 13.56 MHz contactless smart cards, low-frequency (100 to 500 KHz) devices and high-frequency (900+ MHz) transponders. Choosing among these technologies depends on various factors such as the types of payment mechanisms the technology supports and the standards supporting technology. Contactless Payments is being readily adopted, mainly to address the needs of flexible and holistic retail and transit environment and to create a more engaging and personalized culture, hence supporting organizations to effectively manage capabilities and deal with skill imbalance challenge.
MarketsandMarkets believes that contactless payment services are helpful in offering terminal solutions, various management solutions, issuance solutions to financial institutions and anti-skimming solutions. Diversified industries including academics, government, banking, healthcare, media and transportation use Contactless Payments service for education, transportation, and entertainment. The challenges occurring while delivering Contactless Payments can be overcome by taking secured measures and installing them in the devices.
MarketsandMarkets forecasts the Contactless Payments market to grow from $4.32 billion in 2013 to $9.88 billion in 2018, at a CAGR of 18% during the forecast period. In terms of regions, APAC is expected to be the biggest market in terms of revenue contribution, while North America (NA) and Latin America (LA) are expected to experience increased market traction, during the forecast period.
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