The global Contactless Payment market size is expected to reach USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7%. Factors contributing to the growth of the contactless payment market include strongly driven by internet penetration, as a stable internet connection is the backbone of this payment method. Also, contactless payments offer convenience and quicker checkout time to customers, which are expected to be key drivers for the overall growth of the contactless payment market. Key regions rapidly adopting contactless payments in numerous markets includes Australia, Canada, Turkey, Poland, Hungary, UK, and a majority of Asia.
The major contactless payments leaders in the market, such as Gemalto (Netherlands), Wirecard (Germany), Ingenico (France), Infenion (Germany), and Verifone (US). These top 5 players have a strong portfolio related to the contactless payment market and a presence in both mature and emerging markets. Major strategies adopted by these players to compete in the Contactless Payment Market include product launches/product developments, collaborations, acquisitions, and partnerships. A benchmarking of the strategies adopted by the top contactless payments companies key players in the market has also been carried out for the period from 2018–2020.
Gemalto holds expertise in electronic passports and identity cards, two-factor authentication devices for online protection, smart credit/debit, and contactless payment cards, as well as SIM, and Universal Integrated Circuit Cards (UICC) for mobile phones. Furthermore, Gemalto offers contactless payment solutions, including contact and contactless EMV cards, and wearable devices. The Gemalto wearable device portfolio serves banks, event organizers, transport operators, and wearable makers, allowing them to offer enhanced customer experiences with frictionless and secure contactless wearable devices.
Wirecard is an independent provider of outsourcing and white label solutions for electronic payment transactions. The Wirecard Group has been supporting companies in accepting electronic payments from all sales channels. In the contactless payment market space, the company offers boon, a proprietary mobile payment solution for making contactless payments at several POS, shopping online, or sending money to family and friends. In addition to this, the company offers all current standards in the contactless payment segment, such as RFID by Supercar, HCE by Supercard, and QR-Code by Supercard, allowing customers to make contactless payments securely and conveniently whether it is NFC, HCE, or software solutions.
Ingenico offers ROAMpay X5, a mobile PoS application that supports magstripe, EMV, and NFC/contactless transactions, with additional capabilities, including voids, refunds, sales tax, and tips, in the best contactless payment market. Ingenico’s EMV Gateway connects all major payment processors in the US to route the user’s EMV, NFC/contactless, and magstripe transactions to their acquiring host. In addition to this, it offers NFC/contactless-enabled devices and mPOS card readers that are designed to accept EMV, magstripe card payments, and NFC/contactless payments.
Infineon offers SECORA Pay. SECORA Pay provides an extensive portfolio of contactless solutions, such as payment cards, accessories, and wearables. The company has a significant presence in the Americas, Europe, and APAC, with 41,400 employees across the globe.
Verifone offers UX 400/401 and UX 410 solutions. The UX 400/401 stands ready to accept a variety of payment methods, from mobile wallets to the tap of a card. No special software is required since a UX 300/301 controller drives everything. UX 410 provides secure, reliable, and cost-effective NFC/CTLS payments for vending machines, on-street parking meters, and other unattended environments. The UX 410 solution works as a standalone payment device or in tandem with another Verifone device. It provides secure and seamless customer experiences. Multiple connectivity options simplify integration. In addition to this, Verifone’s payment services provide a simple, reliable, and flexible way to address any payment needs of its customers.
