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08 October 2022

Douglas Insights Adds Contactless Payment Transaction Market Research Reports to Its Comparison Engine

Douglas Insights’ Comparison Engine is set to provide its clients with an effective comparison of various market types of research on the contactless payment transaction market. The advanced algorithms work their way through different private and public research reports to save clients’ time and allow them to compare the reports based on publisher rating, price, number of pages, and table of contents, amongst other things. Business owners, market analysts, and industry experts can evaluate and delve deeper into identifying market growth, trends, drivers, restraints, and opportunities of the contactless payment transaction market in no time. 


Contactless payment transactions are instant digital payment methods that allow easy payment with zero contact. Fast money transactions are made using digital wallets, debit and credit cards, QR codes, and near-field communication. Moreover, such payment methods are widely used in service sectors, including healthcare, retail, hospitality, telecommunications, etc. The time-effective transaction method has become prevalent due to efficient payment approvals from the bank. The decreased social contact required to make digital payments has also encouraged consumer behaviour in this regard. 


The global pandemic has played a vital role in the penetration of contactless payment methods in the markets. Due to inhibited social contact, businesses and customers require contactless solutions to ensure adequate payment transactions. Businesses encouraged customers to participate in electronic transactions and educated their returning and new customers on digital payment methods to assure safety for customers and the staff. 


The increased use of smartphones is another driver of the contactless payment transaction’s market growth contributing to the projected CAGR of 20.8% by 2030. People have become more accustomed to mobile & wearable payment devices post-pandemic, and the easy bank approvals for the transactions made using digital wallets have significantly encouraged market growth. Businesses are also catching on to the fact that efficient transactions mean reduced waiting queues and improved service experience for valued customers. 


5G and blockchain technology will soon be working in the market of contactless payment to ensure data security throughout the transaction process. This deployment of innovative technologies brings the cost challenges businesses will have to bear. 


Despite the promising growth, some factors may hinder the upward trajectory of the contactless payment transaction market. Stolen cards can be colossal security and financial issue for customers. Apart from that, cybersecurity threats are also potential restraining factors for efficient payment methods. Even the means of data security may put a strain on the market due to costs associated with the distribution and instalment of digital solutions. 


The contactless payment transaction market is segmented by payment method, geography, key players and end users. Hardware payment methods such as cards, POS, and wearable devices are the most widely used payment methods across the globe. The market will likely see promising growth in the North American and European regions, with Asia-Pacific following soon after. Digital payment methods have seen a rise in adoption in the retail, healthcare, and hospitality industries. 


The key players contributing to the growth and adoption of the contactless payment transaction market are VeriFone, Inc., Setomatic Systems, Barclays Bank PLC, and Wirecard AG. Proxama PLC, Global Technology, Gemalto N.V., and Ingenico Group are also on the list making new waves in the contactless payment market. Several big names, such as Apple and Samsung, are also stepping into the market, allowing consumers to easily use digital wallets for payments. Collaborations and acquisitions have also bolstered some of the companies in the market looking forward to making names in the world of digital payments.

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