Contactless Payment Terminals Market Set for Robust Growth by 2024

Contactless Payment Terminals Market: Overview

 

The contactless payments with the help of the PIN terminal and a chip are the new trend which is preferred by the customers for making payments. The chip and antenna are embedded in the card which enables the customers to make payments by waving their cards or their smartphones over the reader machine present at the POS terminal.

 

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Contactless Payment Terminals Market: Facts

 

The Mastercard is taking the initiative of turning the phones into the contactless payments terminals. The small businesses in the Poland will be able to accept the contactless payments with the help of their smartphones. Mastercard is working with Mobeewave, Elavon, and Polskie ePlatnosci in order to pull this project.

 

Contactless Payment Terminals Market: Segmentation

 

The global market for the contactless payment terminals is fragmented into its technology, mode of payment, and applications. On the basis of the technology used, the global market is segregated into infrared, near field communication, Bluetooth, radio-frequency identification, and carrier-based mobile. On the basis of the mode of payment, the market is categorized into debit card, stored value, credit card, account based, and smart cards. Based on the applications, the market is divided into healthcare, logistics, information technology, BFSI, retail, hospitality, travel & tourism, telecommunication, and public transport.

 

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Contactless Payment Terminals Market: Growth Factors

 

The increased advantages of the contactless payment terminals have compelled the business organizations to adopt the technology of contactless payment terminal. In the developed regions, the customers have an increased demand for making purchases with the help of the contactless payment terminals thus increasing the growth of the market. The use of the contactless payment terminals helps the enterprises to reduce their operational costs. The working of the terminals does not require continuous monitoring. The simple configuration at the POS contributes to the increased demand for these terminals. There is a wide range of opportunities for the contactless payment terminals in the retail sector. Another vital factor that is positively affecting the growth of the market is the increased requirement by the enterprises to keep their businesses up to mark by making use of the latest technology. The access of the data with the help of the cloud computing is expanding the scope of the contactless payment terminals market. The factor that is restraining the growth of the market is the risk of the viruses and the technical issues while making the transactions.

 

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Contactless Payment Terminals Market: Regional Analysis

 

The region that is dominating the contactless payment terminals market is the North America owing to the increased integration of IoT applications and artificial intelligence. Moreover, in the recent years, there has been a rise in the R & D activities that are associated with the electronics especially in the payment devices where the contactless payment terminals act as a useful integrated system. There has been a significant development in the contactless payment terminals market in Asia Pacific region owing to the rise in the awareness regarding the advantages of using the cashless payments.

 

Contactless Payment Terminals Market: Competitive Players

 

The key market players that are involved in the contactless payment terminals market include Wirecard AG, On Track Innovations Ltd., ShopKeep, Clover Network Inc., Ingenico Group, Chip & PIN Solutions Ltd., Heartland Payment Systems Inc., Castles Technology, PoyntCo, iZettle AB, internalDrive, Inc., and Verifone.

 

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