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The North America Contactless Payment Market Size is poised to register a growth rate of 20.3% CAGR during the forecast period.
Contactless payment is being widely implemented by major players such as American Express, Discover, MasterCard, STAR and Visa, to protect the personal financial information of the customers and also to present a seamless and secure way to conduct payment transactions. Contactless payments use the same financial payments networks today, which are used in processing millions of magnetic stripe transactions in a secure environment. The contactless payment devices exchange vital and critical information with payment terminals employing RF technology. Therefore, the need for multiple layers of security is vital throughout the traditional credit and debit payment systems. The multilayered protection would create a platform that will be highly secure for all the parties involved in the payment process. Despite being a part of the process, the protective measures implemented are independent of the technology used to conduct financial transactions. These security measures are used by POS terminals and also are used in both magnetic stripe and contactless transactions. The security measures are used to authorize online transactions curb risk and detect real-time fraudulent activities for any credit or debit card payment transactions. 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, North America Contactless Payment market is segmented into US, Canada, Mexico, and Rest of North America. US remained the dominant Country in the North America Contactless Payment market in 2015. Mexico 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.