Contactless Payment Terminals Market 2020-2024 | Insights by Types, Applications, Market Drivers, Industry Segmentation and Forecast Analysis

Contactless Payment Terminals

The Key purpose of “Contactless Payment Terminals Market” report is to deliver key market trends, the scope of report, competitive landscape and industry overview with key players. Contactless Payment Terminals market report is designed by a detailed investigation process to collect all the necessary data. Further, the report studies the revenue generated from the market analysis and opportunity analysis to estimate the market size.

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Contactless Payment Terminals Market Covers Key Players:

  • Gemalto NV (Thales Group)
  • OTI Global
  • VeriFone Systems Inc
  • Visiontek
  • Ingenico Group SA
  • Hewlett Packard Enterprise
  • Castles Technologies
  • ID Tech Solutions

    Market Overview:

  • The global contactless payment terminals market was valued at USD 10.51 billion in 2018 and is expected to reach USD 40.58 billion by the end of 2024, growing at a CAGR of 25.86% during the forecast year 2019-2024. Due to the rising need for cashless payments and ease of transactions, contactless payments have gained prominence, in the payment technologies market. There has been a rapid rise in cashless transactions, over the past few years.
  • – The pace with which the payments can be processed is making contactless payment lucrative for businesses and the faster checkout times, along with the ease of payments, are making users upgrade their cards to contactless ones.
  • – Contactless payments with a contactless card, payment-enabled mobile, or wearable device at a contactless-enabled checkout terminal, are witnessing increasing adoption.
  • – While increasing internet penetration is driving the growth of the contactless payment terminals market, concerns over the security of information that is visible through such terminals is set to hinder the growth to some extent.

    The Contactless Payment Terminals Market Report Includes:

    • The Contactless Payment Terminals market report covers the present status and future prospects.
    • The report analyses market trends, size, and forecast in different geographically.
    • The report provides market competition overview among the Top companies.
    • The report provides a complete analysis of the current and emerging market trends and opportunities.

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    Scope of the Report:

  • Contactless payment systems are credit card, debit cards, smart cards or other devices, including smartphones and other mobile devices that uses radio-frequency identification (RFID) or near field communication (NFC, e.g Google Pay, Apple Pay, Fitbit Pay, Merpay or any bank mobile application that support Contactless) for making secure payments. Contactless Payment can be made with different technologies like Bluetooth, NFC, RFID which can be used for payment modes with various device like PoS, MPoS, etc across different industries.

    Key Market Trends:

    Increasing Internet Penetration to Drive the Contactless Payment Terminals Market

    – The growth of the contactless payment terminals market will be driven by internet penetration as a strong internet connection is the backbone of this payment method.
    – The number of internet users in 2018 reached more than 4 billion, depicting a 7% year-on-year growth rate.
    – Moreover, with increasing digitization and smart cities, people will be more inclined towards contactless payment methods as they offer convenience and quicker checkout time.
    – Also, smartphone manufacturers are coming out with contactless payment methods such as Samsung Pay. All this will aid the contactless payment terminals market to grow.
    – Moreover, North America has the highest internet penetration rate followed by Europe, Australia, Latin America. The world average of internet penetration rate is 56.80 %. With increasing penetration level of the internet, people are adapting themselves to new technology and they are becoming more technology oriented. This boost the contactless payment market.
    – Applications like Google Pay, Apple Pay, Samsung Pay & many more are driving the market by providing easy to use, one tap money transfer, rewards and lot of other perks.

    Europe to Have Largest Share in the Contactless Payment Terminals Market

    – Owing to increasing smart card rollouts and technological advancements, Europe is expected to lead the market with the largest share.
    – According to the Electronic Transactions Association (ETA), contactless payments on the Mastercard and Maestro networks grew by 145% in Europe, in 2018. Growth in contactless payments was robust across multiple countries in Europe, thus driving interest in wearable payments.
    – According to UK Finance, there were 1.6 billion debit and credit card transactions in the UK. Nearly a third of all card transactions in the UK were made using contactless cards. There were 642 million contactless card transactions in January 2019, a 19.5 percent increase from 537 million a year earlier.
    – Moreover, banks are integrating with mobile payment apps in the European region, owing to the increasing adoption of smartphones. For instance, Apple is integrating with Monzo.

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    Important Questions Answered in The Contactless Payment Terminals Market Report:

    • What is the main factor that takes this market to the next level?
    • What will the market demand and what will be growth?
    • What are the latest opportunities for the Contactless Payment Terminals Market in the future?
    • What are the strengths of the main players?
    • What is the key to the Contactless Payment Terminals Market?

    Detailed TOC of Contactless Payment Terminals Market Report 2020-2024:

    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study



    4.1 Market Overview
    4.2 Industry Attractiveness – Porter’s Five Force Analysis
    4.2.1 Bargaining Power of Suppliers
    4.2.2 Bargaining Power of Buyers/Consumers
    4.2.3 Threat of New Entrants
    4.2.4 Threat of Substitute Products
    4.2.5 Intensity of Competitive Rivalry
    4.3 Introduction to Market Drivers and Restraints
    4.4 Market Drivers
    4.4.1 Reduction in Queuing Time and Quicker Checkout Time
    4.4.2 Convenience and Ease Associated with Contactless Payments
    4.5 Market Restraints
    4.5.1 Security Concerns in Digital Payment

    5.1 By Technology
    5.1.1 Bluetooth
    5.1.2 Infrared
    5.1.3 Radio-frequency Identification (RFID)
    5.1.4 Near Field Communication (NFC)
    5.1.5 Carrier-based
    5.1.6 Wi-Fi
    5.2 By Payment Mode
    5.2.1 Account-based
    5.2.2 Credit/Debit Card
    5.2.3 Stored Value
    5.2.4 Smart Card
    5.2.5 Other Payment Modes
    5.3 By Device
    5.3.1 Integrated POS
    5.3.2 mPOS
    5.3.3 PDA
    5.3.4 Unattended Terminal
    5.3.5 Contactless Reader
    5.3.6 Other Devices
    5.4 By End-user Industry
    5.4.1 Retail
    5.4.2 Transport
    5.4.3 Banking
    5.4.4 Government
    5.4.5 Healthcare
    5.4.6 Education
    5.4.7 Other End-user Industries
    5.5 Geography
    5.5.1 North America United States Canada
    5.5.2 Europe United Kingdom Germany France Rest of Europe
    5.5.3 Asia-Pacific China Japan India Rest of Asia-Pacific
    5.5.4 Latin America Brazil Argentina Mexico Rest of Latin America
    5.5.5 Middle East & Africa UAE Saudi Arabia South Africa Rest of Middle East & Africa

    6.1 Company Profiles
    6.1.1 Gemalto NV (Thales Group)
    6.1.2 OTI Global
    6.1.3 VeriFone Systems Inc
    6.1.4 Visiontek
    6.1.5 Ingenico Group SA
    6.1.6 Hewlett Packard Enterprise
    6.1.7 Castles Technologies
    6.1.8 ID Tech Solutions




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