While cash is an out dated method of payment since a long time now, credit and debit cards are also going out of fashion with the emergence of the new contactless method of payment. The Contactless payment market is gaining popularity and is fast replacing the traditional methods of payment especially in UK and Canada.
According to the UK Cards Association, 4 out of 10 transactions that happened in 2016 were online or by using contactless card. This ‘tap and go’ method of payment of contactless payment market is going from strength to strength and is becoming a payment choice of many since their inception in 2017 especially because it is very safe to use.
According to research records of this contactless payment market, currently there are around 108.4 million contactless cards in the UK and in April 2017, £3,913.3 million was spent using contactless cards from 416.3 million transactions. Another region where contactless payment market is gaining popularity is Canada. Their share of contactless payment is increasing year on year and in the second quarter of 2017, nearly 40 percent of all transactions made were with tap-and-pay methods. It is predicted that around 50 percent of all transactions made in this region will be made using contactless payments by the end of 2017.
For busy shoppers across the globe, time is money and no one wants to wait in long queues of payment in malls or elsewhere to complete their transaction. Contactless payment is a quick alternative of payment happening within a certain limit, for example under 30Euro on UK. Compared to a chip and a PIN payment, a transaction made with contactless payment takes 7 seconds less. Based on this, by 2021 ‘tap and go’ payments are ready to save UK shoppers 141 million hours, around £1 billion in time. It is believed that retailers without contactless payment facility will loose on customers as they no longer want to wait in long queues for payment. Digital wallets like Samsung Pay, Apple Pay, Android Pay and others are also the driving factors for growth of contactless payment market.
Contactless payment market looks all set to continue gaining momentum in the years to come with its promising properties of speed, security and convenience. An increase of more than 300% is forecast in contactless spending during next few years helping the objective of having an effective cashless society. Contactless payment market is also tapping into other avenues besides basic payment, like loyalty points collection. It looks like the contactless global revolution has just begun.
eMarketOrg has accumulated some recent 2017 research reports for decision makers of the contactless payment market players. A couple of them are as shown below:
Global Contactless Payment Market Research Report 2017 @ https://emarketorg.com/pro/global-contactless-payment-market-research-report-2017/
2017 Contactless PoS Terminals Market Global Survey @ https://emarketorg.com/pro/2017-contactless-pos-terminals-market-global-survey/ .