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The Europe Contactless Payment Market Size would grow at a rate of 15.2% CAGR during the forecast period.
Technologies such as radio-frequency identification (RFID) and near field communication (NFC) are employed to make contactless transactions. The leading contactless payment platforms around the world are EMV (Europay, MasterCard? and Visa?) chips. The chips are embedded with technologies that can promote a safe and secure environment and combat deceptive actions at early stages. Additionally, the chips also promote a protective environment that is vital for sensitive payment transactions. Due to seamless integration, faster transaction is made possible, as no monogram or PIN authentication is essential for conducting financial transactions.
The data from the UK Cards Association confirms that in March 2016 almost 1,508.4 million was spent through contactless payment modes by citizens of UK. Also, debit cards were the most preferred instrument over other payment instruments in the UK. The report highlights the adoption of Contactless Payment. Based on the device type, the Contactless Payment market is segmented into Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards and Others.
Based on the Solutions type, the market is segmented across Payment Terminal Solution, Contactless Mobile Payment Solution, Device Management Solution, Transaction Management Solution, Data Management Solution, Security & Fraud Management Solution, Hosted Point of Sale Solution and Analytics Solution. Based on service Type, the market is segmented into Professional, Managed and Multi-Channel Payment & Value-Added Services. Professional Services are further sub divided into Consulting, Integration & Deployment Services and Support & Maintenance.
The verticals highlighted in this report include Government, Banking, Financial Services, & Insurance, Telecommunication & IT, Transportation & Logistics, Healthcare, Energy & Utilities, Retail, Hospitality and Others. Based on country, Europe Contactless Payment market is segmented into Germany, UK, France, Russia, Spain, Italy and Rest of Europe. Germany remained the dominant Country in the Europe Contactless Payment market in 2015. Spain would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Contactless Payment market. Key companies profiled in the report include Microsoft Corporation, Wirecard AG (until April 6, 2005: InfoGenie AG), Giesecke & Devrient GmbH, Ingenico Group S.A, Gemalto NV, Renesas Electronics Corporation, INSIDE Secure, Verifone Systems, Inc.