India Contactless Payment Market to Witness Robust Growth through 2024
Increasing smartphone penetration and integration of
contactless cards with the existing cards are boosting the growth of the
contactless payment market in India
According
to TechSci Research report, “India
Contactless 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, which is further fueling their use in India. Rising
awareness about the technology along with growing investments 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 market through 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
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India
contactless payment market can be segmented based on Component, Device Type,
End User and 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
growth over the next five years owing to benefits like security, flexibility,
convenience, and ease in replacement in case of mishaps.
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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.
“India Contactless Payment Market By Component, 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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