The increasing requirement of the consumers to make online payments and payments via mobile phones is helping the society to move toward a cashless society. Financial institutions are offering various types of payment services tending people to use more of cards and mobile phones for payments. The potential marketing strategies provided by various business segment and payments market is changing the payments trend in various regions such as Europe, U.S., and Asia Pacific (APAC).
The wave and pay or tap and go technology help consumers in paying for lower valued goods a bit differently. Transactions through contactless technology enabled cards or Near-Field Communication (NFC) smartphones require close contact with contactless reader. Numerous credit card companies are offering contactless services such as NFC-enabled stickers that can turn any mobile device into a contactless payment device.
Telecom vendors are manufacturing NFC-enabled handsets as an alternative method of payments. However, NFC is considered as a chicken-and-egg issue, as there are not many contactless-based cards in the market to hit the critical mass for merchants of all sizes to justify investment Point-of-Sale (POS) technology. But, contactless payments technology is relatively very young and is still finding its fleet.
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Table of Contents
1.1 Key Take-Aways
1.2 Report Description
1.3 Markets Covered
1.5 Research Methodology
1.5.1 Key Data
1.5.2 Data Triangulation and Market Forecasting
1.6 Forecast Assumptions
2 Executive Summary
2.2 Overall Market Size
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