The concept of “Contactless Ticketing” burst onto the scene in last few years with the roll out of Transport for London’s (TFL) contactless solution. The term “Contactless Ticketing” refers to the use of contactless bank cards to tap and ride on public transport systems.
A contactless payment does not require physical contact between a payment device and a POS terminal/device. The contactless card is held near to the PoS terminal, and the payment account information is encrypted and exchanged during a secure communication between card and terminal. The rising adoption of contactless ticketing systems in smart transit systems across the globe would drive the market in coming years.
The widespread impact of novel coronavirus pandemic is revealing a significant vulnerability in supply chains. Business process functions across most industries are severely disrupted due to the immense pressure of the pandemic crisis. In a bid to prevent transportation authorities from getting infected with the coronavirus, the government of all countries has started the adoption of contactless ticketing solutions in their current and future public transit systems.
The initiative of contactless ticketing amid COVID-19 helped people to avoid contact with each other and buying passes instead of tickets. However, in the earlier quarters of 2020, the shipments of contactless ticketing ICs had fallen due to the strict lockdowns.
During the outbreak the production contactless ticketing ICs is projected to decline by nearly 5%-7% in Q1-Q2 2020, due to plunging production across China’s factories, as they are one of the world’s major semiconductor component manufacturers and suppliers.
However, according to estimates, the production has become quite stable in the last quarter of 2020 and the demand has started to gain traction again. For instance, Visa has started more than 500 transit projects and has helped a number of cities launch tap to pay solutions over the course of the pandemic. Moreover, a global survey states that around 70 per cent of people will continue to use contactless ticketing solutions even after the pandemic is over.
The adoption of contactless and tap-and-pay technologies are on the rise, especially in the public transit systems. Commuters in highly populated urban areas require higher transaction speeds and more convenience. The contactless smart tickets are specially designed for large scale ticketing applications in smart cities, granting people to purchase tickets and access public transport on a single tap.
This initiative in smart cities helps transport operators to implement standardized contactless ticketing solutions that simplify commuters’ daily lives and save overall costs. The contactless ticketing offers cost effective and end-to-end contactless experience for passengers across all modes of public transport and for any size of the transit agency.
Contactless payments are fast-paced without the requirement of any password or pin to process the payment. Thus, these transactions are performed quickly without compromising on privacy or security. Contactless ticketing system uses RFID antennas, which require a reader to be in close proximity to the mobile device where the ticket is stored. Digital tickets stored in electronic wallets are protected by a pair of chips the wallet uses: one that accesses and encrypts information, and the NFC chip that transmits the information.
Furthermore, Tokenization and biometrics technologies are also integrated to provide additional security to the process. With encryption and tokenization, user data and the ticket itself are protected from fraud. The rise in demand for fast, secure and reliable ticketing solution would drive the market for contactless ticketing ICs, in the coming years.
Growing economies such as China and Japan are set to be emerging regions in the contactless ticketing ICs market in the coming years, due to increasing investments from their governments and companies providing complete automation ticketing services and systems.
Europe is anticipated to lead the contactless ticketing ICs market, followed by North America, during the forecast period, due to fast adoption of new contactless technology in these regions. South Asia is estimated to significantly contribute to the contactless ticketing ICs market, due to the growing demand for smart ticketing and automated systems from the developing countries in this region.
Key players in the contactless ticketing ICs market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced contactless ticketing ICs solution and services to effectively transform traditional ticketing systems. The major players offering contactless ticketing ICs solutions include
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 of the global contactless ticketing ICs market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with contactless ticketing ICs market attractiveness as per segments. The report on contactless ticketing ICs market also maps the qualitative impact of various factors on contactless ticketing ICs market segments and geographies.
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