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Contactless Payments Market Worth $9.88 Billion by 2018

 

Jan. 21 - A new report, "Contactless Payments Market [by Solutions (Payment Terminal, Business Management, Card Issuance, Anti-Skimming), by Services (Consultation, Integration, Value Added Services)] - Global Advancements, Market Forecasts and Analysis (2013-2018)," defines and segments the Contactless Payments Market into various sub-segments with an in-depth analysis and forecasting of revenues. The report also identifies the factors driving this market, various restraints and opportunities impacting it along with the technology roadmap and adoption trends.

MarketsandMarkets broadly segments the Contactless Payments Market by payment modes such as contactless payments via mobile handsets, contactless smart cards and key fobs. The report also covers types of solutions: payment terminal solutions, business management solutions, card issuance solutions, and anti-skimming solutions. It is also segmented by types of services including consultation services, integration services and value added services. The Contactless Payments Market is also segmented by type of verticals: banking financial services and insurance (BFSI), consumer goods and retail, healthcare, government and public sector, telecom and IT, transportation and logistics; and by regions: North America (NA), Europe (EU), Asia-Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA).

Contactless Payments are ideally suited to various quick service businesses such as movie theatres, convenience stores, gas stations and fast food restaurants. The contactless reader interface with existing POS terminals can read wide array of devices such as key fobs, cards, vehicle tags, and mobile phones amongst others. The major vendors in this market have worked closely with financial institutions and other service bureaus to maintain and ensure the high standards of security. Contactless readers and smart cards are considered to be cash free payment solutions. The main benefits of using contactless payment are easy installation, integration and seamless free maintenance along with cost effectiveness. The proximity cards and readers are completely complied with ISO 14443, banks and other industry standards.

MarketsandMarkets believes that contactless payment services are helpful in offering terminal solutions, various management solutions, issuance solutions to financial institutions and anti-skimming solutions. Diversified industries including academics, government, banking, healthcare, media and transportation use Contactless Payments service for education, transportation, and entertainment. The challenges occurring while delivering Contactless Payments can be overcome by taking secured measures and installing them in the devices.

MarketsandMarkets forecasts the Contactless Payments Market to grow from $4.32 Billion in 2013 to $9.88 Billion in 2018, at a CAGR of 18% during the forecast period. In terms of regions, APAC is expected to be the biggest market in terms of revenue contribution, while North America (NA) and Latin America (LA) are expected to experience increased market traction, during the forecast period.

About MarketsandMarkets
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.

MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers thirteen industry verticals; including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, telecommunications and IT, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, aerospace and defense.


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