Contactless Payment Terminals Market: Growth Forecast and Opportunities Analysis

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TechSci Research’s report, “Global Contactless Payment Terminals Market – Industry Insights, Trends, and Forecast 2019-2029,” projects significant growth in the global contactless payment terminals market. The surge is fueled by various factors reshaping the global payments landscape. The widespread adoption of contactless payment technologies, driven by evolving consumer preferences for convenient and secure transaction methods, stands out as a primary growth driver. Advancements in Near Field Communication (NFC) technology, coupled with the proliferation of smartphones equipped with contactless payment capabilities, are further accelerating market expansion. The COVID-19 pandemic has acted as a catalyst, boosting the demand for touch-free payment options due to heightened health and safety concerns. Consequently, businesses are investing in upgrading their Point of Sale (POS) infrastructure to accommodate contactless payments, thereby fostering market penetration.

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Within the contactless payment terminals market, Bluetooth technology has emerged as a dominant force. This dominance is attributed to several factors, including seamless connectivity with mobile devices and peripherals over short distances, facilitating quick and efficient transactions. Bluetooth’s compatibility with a wide range of consumer devices eliminates the need for additional infrastructure investments, making it a cost-effective solution for merchants across various industries. Moreover, Bluetooth-enabled terminals offer enhanced security features, including robust encryption protocols and authentication mechanisms, instilling confidence among merchants and consumers alike.

Global Contactless Payment Terminals Market Segmented

Contactless Payment Terminals Market, By Technology:

• Bluetooth
• Infrared
• Carrier-based
• Wi-Fi
• Other

Contactless Payment Terminals Market, By Payment Mode:

• Account-based
• Credit/Debit Card
• Stored Value
• Smart Card
• Other

Contactless Payment Terminals Market, By End User Industry:

• Retail
• Transportation
• Banking
• Government
• Healthcare
• Other

Contactless Payment Terminals Market, By Region:

North America

• United States
• Canada
• Mexico

Europe

• France
• United Kingdom
• Italy
• Germany
• Spain
• Netherlands
• Belgium

Asia-Pacific

• China
• India
• Japan
• Australia
• South Korea
• Thailand
• Malaysia

South America

• Brazil
• Argentina
• Colombia
• Chile

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Turkey

In terms of regional dynamics, Europe’s contactless payment terminals market is poised for accelerated growth due to widespread adoption across diverse industries. The region’s proactive stance in embracing technological advancements and adapting to evolving consumer preferences positions it as a leader in digital transformation initiatives. Regulatory frameworks conducive to cashless transactions further bolster Europe’s dominance in the global market.

Key market players in the Global Contactless Payment Terminals Market are: 

• Thales Group
• On Track Innovation LTD. (OTI)
• VeriFone System Inc.
• Hewlett Packard Enterprise Development LP
• Ingenico Group SA
• Visiontek Products LLC
• PayPal Holdings Inc.
• Castles Technologies
• ID Tech Solutions Inc
• NEC Corporation

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The report offers comprehensive insights into market size, structure, and future growth, along with emerging trends, drivers, challenges, and opportunities. Mr. Karan Chechi, Research Director at TechSci Research, highlights the pivotal role of contactless payment terminals in the contemporary payment landscape, emphasizing their reliability and indispensability.

TechSci Research’s report, “Global Contactless Payment Terminals Market – Industry Insights, Trends, and Forecast 2019-2029,” provides valuable market intelligence to aid decision-makers in making informed investment decisions. It aims to identify and analyze emerging trends, drivers, challenges, and opportunities in the global contactless payment terminals market.

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