Boston, MA -- (ReleaseWire) -- 02/05/2014 -- The increasing requirement of the consumers to make online payments and payments via mobile phones is helping the society tomove toward a cashless society. Financial institutions are offering various types of payment services tending people to use more of cards and mobile phones for payments. The potential marketing strategies provided by various business segment and payments market is changing the payments trend in various regions such as Europe, U.S., and AsiaPacific (APAC).
The wave and pay or tap and go technology help consumers in paying for lower valued goods a bit differently. Transactions through contactless technologyenabled cards or Near-Field Communication (NFC) smartphones require close contact with contactless reader. Numerous credit card companies are offering contactless services such as NFC-enabled stickers that can turn any mobile device into a contactless payment device. Telecom vendors are manufacturing NFC-enabled handsets as an alternative method of payments. However, NFC is considered as a chicken-and-egg issue, as there are not many contactless-based cards in the market to hit the critical mass for merchants of all sizes to justify investment Point-of-Sale (POS) technology. But, contactless payments technology is relatively very young and is still finding its fleet. In the contactless payment market report, MarketsandMarkets segments the contactless payments market on the basis of hardware, payment modes, solutions, verticals, and regions.
In the recent times, technology vendors are offering a flexible platform of readers and terminals that can be swiftly integrated in varied payment applications such as fast-food restaurants and open cashless fare collection schemes deploying contactless payments. Leading from contactless travel card to Europay, MasterCard, and Visa (EMV) contactless cards and mobile phones the vendors are offering quick and efficient solutions.Payments via mobile phones are the most popular offering in contactless payments, closely followed by payments through smart cards and other development services. The leaders in the contactless payment market are investing in acquisitions and new technologies to enrich their existing product portfolio and address the increasing demand across a wide range of financial organizations and other merchants.
Transit-specific contactless fare payments continue to gain momentum in regions such as North America (NA). The multi-application contactless smart cards and financial payments are helping transits to serve both the banked and under-banked customers with prepaid financial cards. It is seen that there is going to be a huge transition from payment cards and key fobs to NFC mobile payments. The adoption of contactless payments applicationsserved to the banking, government, healthcare, retail, transport, telecom, and education sectors are also analyzed.
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