According
to TechSci Research report, “IndiaContactless Payment
Market By Component, By Device Type, By End User, By
Region, By Company, Competition, Forecast & Opportunities, 2024”,
India contactless payment market is expected to grow at a formidable rate over the
forecast period on the back of increasing penetration of internet coupled with rising
implementation of contactless payment solutions and services across the country.
In addition, the contactless payments are reliable and safe to use, whichis further
fuelingtheir use in India. Rising awareness about the technology along with
growinginvestments by private and public capital holders in the research and
development activities is anticipated to improve the service, thus propelling
the growth of India contactless payment marketthrough 2024.The growing
requirement to pay fast without having any cash or identity details is making
contactless payment mode a game changer.However, high installation costs of
EPOS terminals is posing a challenge to the players operating in the market.
Browse market data Tables and Figures spread through Pages and
an in-depth TOC on India
Contactless Payment Market
India
contactless payment market can be segmented based on Component, Device Type,
End Userand Region. Considering the Device Type, the market can be segmented
into Point of Sale Terminals, Cards, NFC Chips, Mobile Handsets & Others.
Among them, mobile handsets accounted for the largest market share until 2018,
and the segment is expected to maintain its leadership position during the
forecast period. This is mainly due to increasing investments by tech giants
such as Apple, Samsung and others for integrating contactless payment
technologies in their devices. However, smart cards would register the fastest
growthover the next five years owing to benefits like security, flexibility,
convenience, and ease in replacement in case of mishaps.
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request for 10% free customization on this report.
Gemalto NV, Apple Inc., Visa Inc., Infineon
Technologies India Private Limited, Ingenico India, Smart Technology Solutions
Ltd.,Verifone India, Oberthur Technology India Pvt Ltd, JP Morgan India Pvt Ltd
and RBL Bank Limited, among others are the leading players operating in India
contactless payment market. “India contactless payment market is expected to grow substantially
during the forecast period,which can be attributed to reduced transaction time,
convenience in processing low-value payments and increasing revenue
opportunities. In addition to this, the rising frequency of purchases coupled
with the need for fast transactions with no delay are the key factors for boosting
the growth of contactless payment market in the country through 2024. Based on
end user, the retail sector dominated the market which can be attributed to
increasing implementation of contactless payment solutions due to large
customer base and a huge volume of payment transactions to be handled on a
daily basis.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based India management consulting firm.
According
to TechSci Research “India Contactless
Payment Market ByComponent, By Device Type, By End User, By Region, By Company,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India
contactless payment market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in India contactless
payment market.
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