The global Contactless Payment Terminals market is segmented into five major segments: company, region, type, and application. A comprehensive report on the global market will help you identify key factors affecting the market growth. The report will also provide a comprehensive market forecast, which focuses on sales, revenue, type, and application. The report will also include key drivers, restraints, and opportunities in each segment.
COVID-19 pandemic
Growing concern over the spread of the COVID-19 virus is one of the main drivers for the global contactless payment terminals market. Other key drivers of the market are the digitization of BFSI sector, emergence of novel RFID tags and biometric-based contactless smart cards, and rising consumer awareness about the benefits of contactless payment solutions. These trends will continue to fuel the market growth over the coming years, particularly due to the increasing demand for faster checkouts at banks.
The global Contactless Payment Terminals market is segmented by type, region, application, and manufacturer. The report analyzes the competitive landscape and identifies the major players and their share in the global market. Each segment is also examined according to their revenue, market size, and CAGR. The report also provides insights into the growth prospects of the market by country, region, and type.
The report also highlights the potential impact of the COVID-19 pandemic, as well as the rise of e-commerce and mobile payments. The report identifies the key drivers and challenges for the market, and presents an analysis of key players in the global Contactless Payment Terminals industry. It also offers valuable insights into the various business models of contactless payment terminals, as well as their competitive landscape.
In addition to these major drivers, security and fraud management are another significant factor in the growth of the contactless payment terminals market. Increasing security is an important concern for merchants, and increasing fraud rates are fueling this trend. With increased consumer awareness, technology providers are continuously enhancing security protocols and transaction processes. This, coupled with the demand for more convenient and secure payment methods, will ensure continued growth of the global contactless payment terminals market.
Cost of NFC-enabled readers
To be able to accept NFC payments, your business needs to have credit card processing equipment that supports Near Field Communications. NFC readers are available for Visa, MasterCard, and Europay. These devices cost a few hundred dollars each. If you’re interested in accepting NFC payments, contact your merchant services provider to find out how much it will cost. They will be able to recommend the best equipment for your needs.
The cost of NFC-enabled readers for a contactless payment terminal will vary depending on the number of locations and type of business you operate. For small and midsize businesses, mobile card readers are typically cheaper than terminals. The costs of NFC-enabled readers for contactless payment terminals will be comparable to the costs of swiped or dipped payments.
Although the United States has lagged behind other countries in adopting contactless payments, consumers are increasingly accepting this new technology. According to one survey, 85% of consumers say they plan to use contactless payments in the future. It’s important for businesses to weigh the costs and benefits of NFC-enabled readers. Getting NFC-enabled readers for contactless payment terminals is now easier than ever.
As the technology evolves, the cost of NFC-enabled readers is becoming increasingly affordable. A top small business payment processor, Square, offers NFC-enabled readers for contactless payment terminals at affordable prices. These readers are compatible with EMV and Visa credit cards and are widely used for contactless payments. And if you’re interested in accepting NFC payments, it’s possible to upgrade at any time.
Food and Groceries segment
The report covers the global market for contactless payments terminals in all its facets, from the benefits to the past status of the industry and future projections. Its detailed analysis is easy to understand and presents complex data in a straightforward manner. The report covers the entire industry, from the technological innovation to the key players involved. It also contains an in-depth study of key players.
The Food and Groceries segment dominated the global market in 2020, accounting for about one-fifth of the total market size. It is expected to continue ruling the market throughout the forecast period. In contrast, the media and entertainment segment is predicted to witness the highest growth rate, registering a CAGR of 24.0% from 2020 to 2021. Other segments studied in the report include consumer electronics, restaurants and bars, and pharmacies and drugstores.
The adoption of contactless payment technology is also gaining traction in emerging markets like Latin America and Middle East. As contactless payment technology becomes widely accepted, it will help in reinforcing the trend of using it in mature markets. According to a recent survey, more than three-quarters of consumers plan to use it post-pandemic. The adoption of contactless payment terminals is expected to continue to grow as long as consumers continue to be aware of the advantages and benefits it provides.
The increasing digitization of the world’s population is expected to further boost the contactless payment industry in the coming years. Increasing adoption of contactless payment methods will increase convenience and save time at checkout. Smartphone manufacturers are also coming out with contactless payment systems, including Samsung Pay. With these innovations, consumers will find it easier to use them than ever. This will be the fastest-growing segment in the contactless payment terminals market in the future.
Consolidation
The report presents a complete analysis of the global contactless payments market and its key players. It also outlines the current market size, growth opportunities, and future prospects. It presents complex data in easy-to-understand terms. It also includes a dedicated study of the key players in the market. It provides a comprehensive market picture, based on the latest industry trends. The report aims to provide readers with essential information that they need to make informed business decisions.
While various market players are keen to invest in new technologies, they are reluctant to enter cross-border payments due to the high initial investment required for a small number of transactions. However, the number of cross-border transactions is growing steadily, and it is hard for smaller market players to keep up. Thus, the Eurosystem welcomes innovative solutions for card payments that enable pan-European reach without perpetuating fragmentation.
The market for mobile payments is expected to expand in other markets, including Australia, Russia, the UAE, Singapore, and Hong Kong. The United States will continue to lead the market in retail sales, owing to its high-frequency payments and increasing popularity with consumers. The US +1 415 871 type segment is predicted to account for the largest share of the global contactless payment terminals market in 2021.
Besides the consumer, the contactless payment technology is also being increasingly used in public transportation. Contactless payment technologies make it quick and easy to pay for bus and train fares. In addition to this, the COVID-19 pandemic has reduced ridership on public transportation. People are now afraid to touch potentially germ-filled payment terminals. However, public transportation is one of the most obvious applications for contactless payment.
Point of Sale terminals
This report analyzes the Global Contactless Payment Terminals market, focusing on the first-in-class innovations in the field. The report includes information on the market’s key drivers and challenges, and offers insights into the key participants and trends in the market. It provides a comprehensive two-layered market picture and details on the creation and costs of major vendors in the market. It also includes the market’s top competitors.
A high growth in the market can be attributed to the growing adoption of contactless payments, which require a PIN terminal and a chip that is embedded in the card. The contactless technology is widely used in retail stores, as it reduces transaction time and offers secure payments. Increasing adoption of contactless payment software applications among merchants and established retail stores is another key driver. These factors are expected to drive the growth of the global contactless payment terminals market over the next decade.
Rising financial frauds have led to government regulation focusing on the security of payment transactions. In addition, customers are demanding secure digital transactions. This trend is expected to positively impact the market for POS terminals. Additionally, retail companies are adopting mobile POS systems. The growing popularity of cashless transactional technologies is expected to boost the adoption rates of POS terminals in the coming years. In addition, these devices are also gaining traction in different regions of the world.
The retail and consumer goods sectors are expected to drive the growth of the contactless payment terminals market. However, the demand for contactless payment terminals is also expected to come from service companies, which is expected to continue driving the market for this technology. The growth of this technology is primarily driven by smart chip technology in North America, while strong adoption of smartphones in Europe should also spur the market. Strong standards related to smart cards and NFC technology are also driving the market in Europe.
