Contactless payments are well known and used in each part of the world. As technology is advancing the engineering innovations are taking place each year. There is exponential growth in the contactless payment market as the customers are becoming more tech-savvy. The technologies used behind these innovations are generally Radio Frequency Identification (RFID) and Near Field Communication (NFC). The contactless payment rings are used to make small payments by tapping the Point of Sale terminal which generally accepts the contactless MasterCard payment, just by making a knocking gesture and the payment is processed. The ring is made up of Zirconia ceramic housing, an optimized antenna design, and a high-performance contactless security controller. The inner band of the ring is made by the use of hard inert resin, sealing the electronics making it completely waterproof as well as making it safe from any type of skin allergies. The ring works on the principle of electromagnetic induction; hence battery is not required for this product to work.The activation of the ring is required which associates it with the bank account of the customer and then the secure payments can be made through it. The growing market for the contactless payment ring is the U.S., Europe, and Asia-Pacific.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Initially, the contactless payments were introduced through the debit card and credit card without any use of the personal identification number or signature, later it shifted to the applications in the Smartphone and now the market is expanding by incorporating the chip cards in the wearable and accessories. The application in advanced & portable devices, the hypo-allergic material being used, water-resistance properties, speed and precision, the feasibility of carrying the wearable, no charging and battery alternatives, availability of different size and color of the ring and ease of payment are the key drivers of the global contactless payment ring market. However, the increasing competition in the market, expiration date of the wearable ring, and the high investment in the technology somehow hinder the market growth. Contrarily, if the awareness among the customers is increased and the large target market is focused along with the investments in safety measures then the trend of wearable devices will present new pathways in the industry.
The global contactless payment ring market trends are as follows:
Escalating the features in one wearable
The trend of smart rings has been persistent in the Tech market for a long time. The customers are attracted to the wearable and accessories from good old times but the innovation has served the customers with astonishing products and the contactless ring market is one of them. These innovative rings are used as travel cards for paying in public transportation, as access badge at various institutions, for monitoring the physical health and stress level of the person wearing it, for opening the lock of smartphone and sharing information just by one tap and also as smart key for homes and cars. Different color combinations are being offered by different brands dealing in this market. The ring has replaced the ticket and Oyster Card for transportation in London and is showing tremendous popularity. This product is an advanced form of technology as it need not be paired with the phones. It is associated to the MasterCard payment network, though the mobile applications can be downloaded and connected to the account for the transaction information.
Collaboration leading to advancements in the market
The key players have established partnerships and collaborated with various other industries for the growth of their market. Kerv wearers also known as K ring and McLear have been in partnership with MasterCard, Moorwand Ltd., ABN AMRO, PSI-PAY, Spartan Race UK, and many others. These collaborations lead to benefits for both the industries and help expand their market share.
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- This study presents the analytical depiction of the global contactless payment ring market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global contactless payment ring market share.
- The current market is quantitatively analyzed to highlight the global contactless payment ring market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global contactless payment ring market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Contactless Payment Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Contactless Payment include Gemalto, Heartland Payment Systems, Inc., Visa Inc., Verifone, Giesecke & Devrient GmbH, Ingenico Group SA, IDEMIA, Wirecard AG., On Track Innovations Ltd., and Thales Group.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Contactless Payment Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/contactless-payment-market/download-sampleMarket SegmentationThe broad Contactless Payment has been sub-grouped into the Devices, Solution, Application and Region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
Global Contactless Payment Market Research Report: By Technology (radio frequency identification, near field communication, host card emulation), Component [Hardware (Point of sale, Cards, Others), Solution and Service [Consulting, Integration and deployment, Support and maintenance)], Payment Mode (smartphones, smartcards, others), Vertical (BFSI, Hospitality & Travel, Media & Entertainment, Retail, Transportation & Logistics, Healthcare and others), Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Forecast till 2025Market SnapshotAccording to MRFR, global Contactless Payment Market is expected to register a CAGR of 11.2% during the review period of 2019 to 2025.Market HighlightsA variety of factors lead to the growth of contactless payment systems such as innovation of contactless payment technologies, increased recognition among buyers of plastic currency, increased purchasing frequency and the need for quick checkout time without the hassle of waiting in long queues.
With the increasing integration of contactless payment technology into mobile handsets and smart phones, demand for contactless payment solutions has grown immensely across all countries.
Retailers are modernizing their brick-and - mortar shops to offer quality customer support and opening up online outlets to raise sales.
Mobile payments at retail stores have helped accelerate the transaction process and decrease counter queues.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/9558The lack of awareness of contactless payment offers, however, and the lack of adequate infrastructure are hampering market growth.
The initial implementation cost, policy restriction on the number of contactless payment transactions per day and the amount cap that can be transacted per day are few contactless payment shortfalls that impede the growth of the contactless payment industry.
The risk of spyware, malware, and virus attacks resulting from the use of numerous systems is limiting the global adoption of contactless payment.Market SegmentationThe Global Contactless Payment Market has been segmented based on component, payment mode, technology, vertical, and region.Based on Technology, the market has been segmented into near field communication, radio frequency identification, and host card emulation.Based on the Component, the market has been segmented into solution, hardware, and service.
According to a new research report "Contactless Payment Market by Solution (Payment Terminal, Mobile Payment, Transaction & Data Management, Security and Fraud Management), Service (Professional, Managed), Payment Mode (Mobile Handsets, Smart Cards), Vertical - Global Forecast to 2021", published by MarketsandMarkets™, the Contactless Payment Market size is expected to grow from USD 6.70 Billion in 2016 to USD 17.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.Ask for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1313 The major drivers of this market include reduction in queuing and transaction time, increased convenience in making low value payments, ease of technology integration with existing cards, increased average transaction value, better customer insights, improved service delivery, and increased revenue opportunity.Multi-channel payment and value-added services segment is expected to be the most promising segments during the forecast periodThe Contactless Payment Market has been segmented into solutions, services, payment mode, and verticals.
However, mobile handsets are fast picking up as the most preferred mode of payment in the developing countries of the world as these are more secure and convenient for the customers to make their payments.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1313Presently, Europe contributes the maximum market share in the Contactless Payment MarketEurope is expected to hold the largest market share and dominate the Contactless Payment Market in 2016 due to technological advancement and increasing contactless smart card roll-outs in this region.
From 2016 to 2021, APAC is estimated to grow at the highest rate during this forecast period and is becoming a new hotspot for contactless payment vendors as a revenue generating region.
This growth is driven by increasing adoption of cloud-based contactless technology solutions in the region.The major vendors covered in the Contactless Payment Market for the study include Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, VeriFone Systems Inc., Wirecard AG, Heartland Payment Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA, and Proxama PLC.MarketsandMarkets segments the Contactless Payment Market on the basis of solutions, services, payment mode, verticals, and region.
A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the security analytics market.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients.
According to a new market research report "Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail and hospitality), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the contactless payment market size expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card.
With the increasing integration of contactless payment technologies in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries.Browse in-depth TOC on "Contactless Payment Market”106- Tables 34- Figures 154 PagesRequest PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1313Based on component, the hardware segment to account for the largest market size during the forecast periodThis section studies the contactless payment hardware portfolio.
Contactless payments are about wave and pay payments.
System integration services include project management, designing, engineering, procurement, testing, installation, commissioning, and after-sales services.
These services enable the effective and smooth running of processes at reduced costs while maintaining their operational environment for end users.Among regions, Europe to account for the highest market share during the forecast periodThe contactless payment market in Europe is the largest in terms of market size and is highly fragmented based on multi-currencies and multi-languages.
