Albany, NY -- (SBWIRE) -- 07/15/2014 -- 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 preferred as payment instrument, thereby acting as a restraint for this market.

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Contactless payments market by payment modes is segmented on similar lines as that of cards (payment cards). The key payment modes for contactless payments include contactless smart cards and mobile handsets. Various application areas of contactless payment market include transport and logistics, telecom and IT, consumer goods and retail, government and public sector, and banking financial services and retail. Retail and consumer goods sector are supplement to large supermarkets and are located at varied locations. Retail and consumer goods sector offer small, “on-the-go” transactions, thereby driving the demand for contactless payments. Additionally, transit authorities in North America and Europe have migrated towards the usage of payment using contactless technology in form of MasterCards’s PayPass service and Visa’s payWave service. The usage of mobile phones to enable payment at public transit systems act as value added differentiator by providing greater utility and increased service.

Geographically, North America remains the largest market for contactless payment. Market innovations made possibly by smart chip technology such as rewards and loyalty is attributed to growth of contactless payment market in North America. In Europe, high penetration of smartphones is expected to drive the contactless payment market. However, Asia Pacific shows strong growth prospect due to increasing adoption of mobile payment services coupled with dense population of Asia Pacific region The key players in this market include MasterCard Worldwide, America Express Co., Merchant Customer Exchange, Verifone Systems, Inc., Renesas Electronics Corporation, Opus Software Solutions, Oberthur Technologies, Heartland Payment Systems, Visa Inc, Paypal Inc, and Microsoft Corporation Inc. among others.

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