Contactless payment is a safe method to buy services or products with the help of smart devices like smartphones, keyfobs, wearables, smart cards, and others. Initially, the contactless payment made use of near field communication and radio frequency identification technology. Also, the antenna and embedded chips utilized in the manufacturing of transaction devices help consumers to tap the smart cards or another device over a reader at a point of sale terminals.
The major advantages of contactless payment, including instant transactions on one tap, is likely to steer the growth of the global contactless payment terminals market in the forthcoming years. The growing awareness among people regarding plastic money, along with the growing frequency of transactions, accentuates the demand for contactless terminals. However, in the growing world of digitalization and modern-day lifestyle, the fast requirement of instant transactions without any delays or long waiting queues for payment is making these contactless POS terminals immensely popular.
Contactless payment facility is transforming massively with the advanced interface between consumers, marketers, advertisers, and retailers. Also, stores all across the globe are increasingly integrating mobile payment applications like WeChat, Alipay, Apple pay, Samsung pay, and PayPal to accept payments. The current emerging scenarios are also raising the risk of potential financial frauds, thereby compelling government to implement secure payment transactions. All these aforementioned factors will exponentially accentuate the growth of the global contactless payment terminals market.
The global contactless payment terminals market can be segmented into end-user, technology, and region.
By end-user, the market can be segmented into hospitality, healthcare, defense, government, energy & utility, transportation & logistics, education, IT, BFSI, retail, and others.
By technology, the market can be segmented into Wi-Fi, carrier-based, infrared, and Bluetooth.
North America accounts for the largest share in the global contactless payment terminals market due to the presence of prominent leaders in the region offering advanced services. Also, the growing number of organizations and individuals adopting contactless transactions will further accentuate the growth of the regional market.
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Some of the significant players in the global contactless payment terminals market are Verifone, On Track Innovations, Giesecke+Devrient, Ingenico, Proxama Plc, InsideSecure, Oberthur Technologies S.A., Gemalto, PAX Technology, Inc., and Wirecard. To cite, Payments Company K Wearables in April 2020 selected Moorwand to offer BIN sponsorship and digital banking services for its contactless payment ring.