Blockchain Press Releases
Contactless Payment Market Soars to US$ 123.58 billion by 2030, registering a Remarkable CAGR of 24.0%
COVINA, Calif., July 12, 2023 /PRNewswire/ — According to Prophecy Market Insights “Contactless Payment Market accounted for US$ 9.18 billion in 2020 and is estimated to be US$ 123.58 billion by 2030 and is anticipated to register a CAGR of 24.0%”
What is the overview of Contactless Payment Market?
Contactless Payment is a secure method that represents cashless payment for consumers to purchase products via debit, credit, or smartcards, also known as chip cards, by using RFID technology or near-field communication.
Rapid frequency of purchasing products and daily transactions has given positive impact on market growth. Adoption of digital technologies and growing awareness among consumers regarding the benefits of contactless payment has driven market growth. Surge in demand for smartphones and its use in making payment transactions are expected to fuel the target market growth over the forecast period.
What is Prophecy’s Analyst View on Contactless Payment Market?
Presence of major players and growing strategic partnerships to expand the product portfolio in the market has provided lucrative opportunities in market growth. Growing industrialization and adoption of advanced technology has further driven the market growth. Wide benefits such as less transaction time and growing purchasing power of an individual with disposable income is anticipated to increase the demand for Contactless Payment market growth over the forecast period.
Who are the Top Key players operating in the Contactless Payment Market?
- Advanced Card Systems Limited
- Chip & PIN Solutions Ltd
- Placard Pty Ltd
- Ingenico Inc.
- Gemalto N.V.
- VeriFone Systems, Inc.
- Heartland Payment Systems, Inc.
- On Track Innovations Ltd.
- Castles Technology Co., Ltd.
- Bindo Labs, Inc.
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Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
|
Accounted in 2020 |
US$ 9.18 billion |
|
Estimated to be in 2030 |
US$ 123.58 billion |
|
CAGR |
24.0 % |
|
Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
|
Market Segmentation |
By Type– Hardware (Smart-Cards, Point of Sale Terminals, Smart-Card Readers) and Software (Smartcard Reader Drives, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications) By Mode of Payment– Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment By End Use Industry– Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation & Logistics, Hospitality, and Media & Entertainment |
|
Regional scope |
North America – U.S., Canada Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America – Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
Customization Scope |
Avail of customized purchase options to meet your exact research needs. https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/339 |
What are the Recent News of Contactless Payment Market?
- In April 2023, Square launched new ‘Tap to Pay’ tool on android phones for sellers across United States, France, UK, Australia, Spain and Ireland. The new launched tool will allow the sellers to accept contactless payment in secure & safe manner with no additional cost and no need of additional hardware.
- In May 2023, MasterCard in partnership with Net plus and First City Monument Bank (FCMB) launched new contactless payment solution which will enable the merchants, consumers and financial institutions to process their payments in seamless manner.
- In November 2022, Honeywell launched new contactless payment tool ‘Smart Pay’ software which will allow the company’s powerful mobile computers to become safe & secure compliant payment terminals. The new launched tool will allow the customers to purchase the product faster with secure and easiest way.
What are new technologies and trends in Contactless Payment Market?
The contactless payment market is experiencing the emergence of new technologies and trends that are reshaping the industry. Mobile wallets, such as Apple Pay and Google Pay, have gained popularity, allowing users to make seamless payments using their smartphones. NFC-enabled wearables, like smartwatches and payment-enabled jewelry, are incorporating contactless payment capabilities, providing users with convenient payment options. Biometric authentication methods, including fingerprint scanning and facial recognition, are enhancing security and improving user experience. Additionally, the market is witnessing the integration of contactless payments with loyalty programs, the exploration of new industries like healthcare and hospitality, and the application of artificial intelligence and data analytics for personalized experiences. These advancements are driving innovation and transforming the way we make payments.
What are the Drivers of the Contactless Payment Market?
- Convenience and speed of transactions
- Enhanced security features like tokenization and encryption
- Increasing smartphone penetration and availability of mobile wallets
- Growing acceptance of contactless payments by merchants
- Shift in consumer behavior towards digital and contactless payments
- Government initiatives and regulations promoting contactless payment adoption
- Integration of contactless payment systems in transit networks
- Impact of the COVID-19 pandemic, highlighting the need for hygienic payment options.
What are the Restrains of the Contactless Payment Market?
- Limited infrastructure in some regions
- Security concerns and building consumer trust
- Resistance to change from traditional payment methods
- Dependence on smartphone availability and functionality
- Regulatory and compliance challenges
- Cost of adoption for businesses and merchants
- Connectivity issues in areas with poor network coverage.
What are the Opportunities in the Contactless Payment Market?
- Increasing adoption in emerging markets
- Integration with IoT and wearable devices
- Expansion in transit and transportation sectors
- Seamless cross-border payment capabilities
- Targeting small and medium enterprises (SMEs)
- Integration with loyalty programs and rewards
- Opportunities for partnerships and collaborations
- Leveraging artificial intelligence and data analytics for personalized experiences
- Exploring contactless payments in new industries (e.g., healthcare, hospitality)
- Embracing biometric authentication for enhanced security.
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Key Benefits of Contactless Payment Market:
- Convenience and ease of use
- Faster transaction times
- Reduced need for physical cash or card insertion
- Enhanced customer experience
- Improved efficiency for merchants
- Secure and encrypted transactions
- Reduced risk of card skimming or theft
- Hygienic and contactless payment option
- Integration with loyalty programs and rewards
- Accessible for unbanked or under banked populations.
Conclusion:
The contactless payment market provides a convenient, secure, and efficient way to make transactions. With its speed and ease of use, contactless payments offer a hassle-free experience for both customers and merchants. The enhanced security measures minimize the risk of fraud, while the contactless nature of the transactions promotes hygiene and reduces the need for physical contact. Integration with loyalty programs further enhances the customer experience. Overall, the contactless payment market is driving innovation and reshaping the way we conduct transactions, offering numerous benefits to users and businesses alike.
Browse Other Related Reports:
Mobile Payments Market accounted for US$ 52.21 billion in 2022 and is estimated to be US$ 1390.2 billion by 2032 and is anticipated to register a CAGR of 36.6%.
Real time payments market accounted for US$ 8.6 billion in 2020 and is estimated to be US$ 98.4 Billion by 2032 and is anticipated to register a CAGR of 31.1 %.
Next generation payment technology market accounted for US$ 92.9 billion in 2022 and is estimated to be US$ 460.9 Billion by 2032 and is anticipated to register a CAGR of 16.4%.
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A new bill introduced in the U.S. House of Representatives, known as the Blockchain Integrity Act, seeks to address concerns surrounding the use of cryptocurrency mixers and tumblers. The proposed legislation aims to regulate these privacy-enhancing tools, which are often used to obscure the origins of cryptocurrency transactions.
The bill, if passed into law, would impose strict regulations on the operation of cryptocurrency mixers and tumblers within the United States. These tools, which allow users to mix their funds with those of other users to obfuscate the transaction trail, have raised concerns among law enforcement agencies and regulators due to their potential use in money laundering, terrorist financing, and other illicit activities.
Under the Blockchain Integrity Act, operators of cryptocurrency mixers and tumblers would be required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Failure to register or comply with these requirements could result in significant penalties, including fines and imprisonment.
The proposed legislation also seeks to empower law enforcement agencies to investigate and prosecute individuals and entities that operate unregistered cryptocurrency mixers and tumblers. By enhancing regulatory oversight and enforcement capabilities, the bill aims to safeguard the integrity of the blockchain ecosystem and prevent the illicit use of cryptocurrencies.
However, critics argue that the Blockchain Integrity Act could stifle innovation in the cryptocurrency space and infringe on individuals’ privacy rights. They contend that while cryptocurrency mixers and tumblers can be used for illicit purposes, they also serve legitimate privacy-enhancing functions, such as protecting users’ financial privacy and security.
The introduction of the Blockchain Integrity Act reflects growing concerns among policymakers about the potential risks associated with cryptocurrencies and their use in illicit activities. As lawmakers continue to grapple with these issues, it remains to be seen how the regulatory landscape for cryptocurrencies will evolve in the United States and around the world.
Source: cointelegraph.com
The post Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years appeared first on HIPTHER Alerts.
The government-owned KfW Bank, based in Germany, is delving further into its plans to issue digital bonds leveraging blockchain technology. This move underscores the institution’s commitment to exploring innovative financial solutions in the digital age.
The proposed digital bond issuance is poised to mark a significant milestone for KfW, as it seeks to embrace the transformative potential of blockchain technology. By tokenizing bonds on a blockchain platform, KfW aims to streamline the issuance process, enhance transparency, and optimize operational efficiency.
One of the key advantages of digital bonds lies in their potential to reduce the reliance on intermediaries and streamline the entire bond lifecycle. Through blockchain-based tokenization, KfW aims to automate various aspects of bond management, including interest payments and maturity settlements, thereby reducing the need for manual intervention and minimizing operational costs.
Moreover, digital bonds have the potential to enhance liquidity in the secondary market, allowing investors to trade bonds seamlessly on digital asset exchanges. This increased liquidity could attract a broader range of investors, thereby diversifying KfW’s investor base and potentially lowering borrowing costs.
In addition to the issuance of digital bonds, KfW is also exploring the integration of blockchain technology into other areas of its operations. By leveraging blockchain for various use cases, such as trade finance and supply chain management, KfW aims to unlock new efficiencies and drive greater transparency across its ecosystem.
Overall, KfW’s foray into blockchain-based digital bonds underscores its commitment to innovation and its recognition of the transformative potential of blockchain technology. As the institution continues to explore and implement blockchain solutions, it is poised to stay at the forefront of digital innovation in the financial sector.
Source: ledgerinsights.com
The post Government-owned KfW elaborates on blockchain digital bond plans appeared first on HIPTHER Alerts.
During the recent crypto bull market, blockchain education initiatives have gained significant traction as individuals seek to capitalize on the growing opportunities in the digital asset space. These initiatives aim to empower enthusiasts, developers, and professionals with the knowledge and skills needed to navigate the complex world of blockchain technology and cryptocurrencies.
As interest in blockchain continues to soar, educational platforms and programs have emerged to cater to the diverse needs of learners. These initiatives offer a wide range of courses, workshops, and resources covering various aspects of blockchain technology, including smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
One of the key drivers behind the surge in blockchain education is the growing demand for blockchain talent in the job market. With companies across industries exploring blockchain solutions, there is a pressing need for skilled professionals who can design, develop, and implement blockchain-based applications. As a result, individuals are increasingly turning to educational initiatives to gain the necessary expertise and credentials to pursue lucrative career opportunities in the blockchain space.
Moreover, the crypto bull market has fueled interest in cryptocurrencies and digital assets, prompting individuals to seek comprehensive education on topics such as trading, investment strategies, and risk management. Blockchain education initiatives play a crucial role in providing individuals with the knowledge and tools they need to make informed decisions in the fast-paced and volatile crypto market.
In addition to traditional educational platforms, blockchain-focused communities, forums, and online resources have become invaluable sources of learning and knowledge-sharing. These communities provide a supportive environment for enthusiasts and professionals to exchange ideas, collaborate on projects, and stay updated on the latest developments in the blockchain industry.
Overall, blockchain education initiatives are playing a vital role in democratizing access to blockchain knowledge and empowering individuals to participate in the digital economy. As the crypto bull market continues to fuel interest in blockchain technology, these initiatives are expected to play an increasingly important role in shaping the future of the industry and driving innovation across sectors.
Source: cointelegraph.com
The post Blockchain education initiatives take off amid crypto bull market appeared first on HIPTHER Alerts.
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