The new market report by MarketResearchReports.biz analyzes the development of contactless payments and its effect on participants in the payment value chain. The report also offers an overview on the consumer payment market across geographical regions such as Europe, North and South America, Asia Pacific, and the Middle East and Africa.
The report – titled ‘Insight Report: The Future of Consumer Payments - Contactless Cards or NFC Mobile?’ – estimates that US$358 billion in contactless transactions were made in 2016, through both cards and mobile devices. The report also mentions the status of contactless payments globally, the differences in adoption regionally, and offers comprehensive insights on some of the significant indicators such as payments, contactless card shipment, global contactless transaction value, NFC, and number of contactless POS terminals.
With the advent of digitalization, life has become simple and easy for many. All across the globe, cash transactions are now being replaced by contactless payments and mobile NFC payments. It is due to these modes of payments, the economy is also growing and leaving little or no scope for black money in the market.
Due to contactless payments, there is a fall in cash transactions and payment service providers (PSPs), merchants, consumers, and governments all stand to benefit. Contactless payment eases low-value and high-volume transaction businesses, subsequently increasing the speed of the service. Initiatives are being taken by various governments worldwide to reduce the flow of cash transactions.
Contactless payments have incredibly reduced the transaction time and queue lines. Public transport is another sector that has reported a change in dynamics owing to contactless payment. Many countries have switched to contactless payments for their mass transit systems for quick and hassle-free travel. However, low transaction limit and limited daily number of transactions are a few of the restraining factors of contactless card payments.
The mobile NFC payments market is also fast catching up, as major valuable global consumer brands of mobile devices have set foot in the market. The U.S. and Canada have made mobile NFC payment the most frequently used method for payments.
While the U.S. leads the global mobile NFC payments market, Australia, Europe, and Canada account for the majority of contactless card payments globally. China is the largest consumer of smartphones in the world, thereby increasing the usage of mobile NFC payments, in turn raising the demand for the same. South America and the Middle East are two promising regions for contactless payments due to high number of unbanked population and high growth of the smartphones market.
The prominent participants in the global consumer payments market include Alcatel UK, Alcatel UK, Android Pay, Apple Pay, Barclays, DNB Bank, Boots, Banco Santander, Citibank, and BBVA Chile.
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