Contactless payments through a PIN terminal and a chip have become a preferred payment method by the customers. The embedded chip and antenna in the contactless payment system enables customers to pay by waving their cards or mobiles over a reader machine at the POS (point of sale) terminal.
In such payment terminals, the transaction speed is twice of the transaction speed of the conventional transaction methods such as cash, credit or debit card purchase. This can be attributed to the fact that any time-consuming pin verification and signature is not required while transacting with the contactless payment terminals.
The different stakeholders of the contactless payment terminals market are the chip providers, financial institutions, retailers, and PVC card manufacturers, etc. The contactless payment terminals for vending provide easy integration of merchant services and solutions.
It also allows unattended-market operators to accept mobile payments and credit cards including Android Pay and Apple Pay for their varied uses, such as air pumps, car wash, gas stations, kiosks and vending machines.
The potential benefits of the contactless payment terminals have forced many businesses to adopt contactless payment terminal technology. The demand by customers in the North America and Europe region that they should be able to purchase through contactless payment terminals is fueling the growth of its market.
Another reason for the growth of contactless payment terminals market is that they help the businesses to save on operational cost. The use of these terminals does not require constant manual monitoring. The ease at POS is contributing to the growth of these terminals. However, the threat of viruses and technical errors while the transaction is restraining the growth of its market.
The increasing adoption of the contactless payment terminals by the retail sector is a tremendous opportunity for the growth of its market. Another factor for the scope of the contactless payment terminals market is that it is vital for businesses to remain up-to-date with the latest technology. The access to data from cloud computing is also widening the scope of contactless payment terminals.
These terminals are opening up new business opportunities for the merchants and delightful experiences for the customer.
Riocard is a smart card system used mainly for the transportation system in the Rio de Janerio state of Brazil. The technology used by card is MIFARE and it’s used as a contactless card. Similarly, in the United Kingdom, the Oyster cards are used as payment cards or smart cards for quicker and easier payments. Customers can use oyster cards instead of paper tickets for travel payment.
The contactless payment terminal systems enable services in any environment such as major events, festivals, carnivals, concerts, etc. The manufacturers of contactless payment terminal are trying to ensure secure payments through state-of-the-art security and encryption.
The global contactless payment terminalmarket geographically is segmented as North America, Eastern Europe, Western Europe, Latin America, Asia-Pacific excluding Japan, Japan, and Middle East & Africa. North America and Europe hold a significant market share of contactless payment terminals market owing to the increase in AI (artificial intelligence) and IoT (Internet of Things) applications.
Furthermore, the increase in R & D activities related to electronics and especially payment devices, wherein contactless payment terminals are useful integrated systems, aids in boosting the growth of contactless payment terminals market in the region.
The market in the APEJ region is more inclined towards growing demand for contactless payment terminals because of the increasing awareness about the benefits of cashless transactions and need to work on the queuing theory.
Some of the prominent players in the global contactless payment terminals market are:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global contactless payment terminals market can be segmented on the basis of technology it uses to operate:
It can also be segmented on the mode of payment used:
It can be segmented on the basis of applications:
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