Robust development in internet of things (IoT) has a key role in redefining contactless payments, analysts at Transparency Market Research (TMR) estimates. Thanks to this, the contactless payments transaction market are estimated to account for US$801.4 bn by 2025-end expanding at 55.50% over the forecast period from 2017 to 2025.. Regionally, Europe accounted for the largest share in the global revenue with a valuation of a US$14.1 bn in 2017 and owing to robust development and adoption of contactless payments, the region is likely to be dominant by end of the forecast period.
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TMR estimates that the intense rivalry among key players such as Barclays, and Ingenico Group, Gemalto N.V. is likely to increase substantially as they are adopting macroeconomic strategies. Additionally, new entrants in the market are offering advanced technologies at competitive prices, which is likely to increase competition in the forthcoming years.
Advent of Advanced Technology to Boost the Market’s Growth
Contactless payment involves technologies including infrared and Bluetooth for transaction within a small distance. These are considered as a safer transaction in comparison to contact-based or distant payments. Additionally, the implementation of advanced technologies such as near field communication (NFC) and radio frequency identification (RFID) has ensured safety of these transactions in a relatively short time. Thus, adoption of these technologies has surged substantially and this trend of using advanced technologies is expected to propel the market’s growth over the forecast period.
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However, the contactless payment has an upper limit and restrictions on the transactions per day, which is likely to restrain the market growth to some extent. Earlier, use of this technology was limited to some bill payments, however, after the implementation of advanced technologies, it has widened to a great extent as it offers hassle-free transactions. The advent of a contactless payment transaction has increased ease of buying products and goods for individuals as well as companies. Moreover, numerous banks have rolled out the newer facilities and increased number of transaction in the developed counties, which is expected to offer great opportunities for growth in the coming future.a