New Research: Contactless Payments Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020

Transparency Market Research Reports incorporated a definite business overview and investigation inclines on "Contactless Payments Market". This report likewise incorporates more illumination about fundamental review of the business including definitions, requisitions and worldwide business sector industry structure.

Efficiency, reliability and speed are the major cornerstone for modern economy. Cash dominated the world’s payment history for centuries. Today, as consumers want payment through mobile phones and online, there is increase in shift towards the cashless society. Contactless payment allows payment of transactions without any physical connection between point of sales terminal and consumer payment device. Additionally, contactless payments are perceived to be significantly faster than cash transactions or Chip & PIN transactions thereby reducing the queuing time.

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The increasing trends of QR codes, ID codes, internet shopping and mobile banking services provide major driver for contactless payment market. The use of contactless payments is set to increase as many retail sectors have installed point of sales devices. Additionally, more consumers are increasingly adopting contactless payment technology as there is no need to have correct change and it reduces the need to carry cash and find cash machine. Most of the contactless payments are done with cards, however, stickers, key fobs and mobile phone payments are some of the other methods that involve contactless payment. Today, by providing secure contactless payment devices, financial service providers offer increased transaction volumes and convenient payment mechanism. Recently in July 2014, CaxiaBank, launched wristband that acts as contactless payments and is connected directly to bank account of end user. However, despite technological advances regarding new payment methods, cash is still...