The demand within the global market for contactless payment transaction has been expanding on account of the need to make secure, safe, and easy payments across several industrial units. Contact payment transaction involves the use of near field communication (NFC) or RFID technologies in order to debit or credit money from one account to the other.
The advent of contactless payment transaction has eased buying procedures for individuals, companies, and other entities. Owing to the aforementioned factors, it is legit to expound that the global market for contactless payment transaction would experience an unprecedented rise in demand over the coming years.
The ability to make online payments from laptops, smart phones, and other smart devices has helped people in streamlining their tasks. Furthermore, most people prefer to carry as little cash as possible during travel and other commutes, and this brings contactless payment transaction services to the fore.
Over the past decade, several industries including healthcare, automotive, and infrastructure have become reliant on the use of contactless payment for several purposes. The retail sector has emerged as the most prominent consumer of contact payment transaction services in recent times. Furthermore, the popularity of credit and debit cards has led to the launch of multiple mobile apps to that facilitate contactless payment transactions.
The demand for contactless payment transaction has been the highest across Europe, majorly due to the sophisticated retail sector in the region. Moreover, countries such as England, France, and Germany have inducted contactless payment transaction services across several sectors.
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The market for contactless payment transaction services in North America has been expanding on account of key developments in the media and entertainment industry in the US and Canada. Rising disposable income of the masses in China, Indonesia, and India has created growth opportunities within the market for contactless payment transaction in Asia Pacific.
Some of the key players in the global market for contactless payment transaction are Ingenico Gemalto N.V., Group, and Barclays.