India contactless payment market is
expected to grow at a substantial rate during the forecast period. Contactless
payment is referred to payment modes where secure payment transactions are done
using technologies like Bluetooth, infrared, radio frequency identification and
near field communication. When compared to traditional electronic transactions,
the contactless payment takes only one-tenth of the time, which makes it
hassle-free for the customers. Furthermore, initially the contactless cards
were used in the form of travelling tickets only but now it has evolved and is allowing
the consumers to make payments for almost anything. Consequently, India contactless
payment market is expected to witness high traction during the forecast period.
However, security issues related to technology and difficulties regarding
replacement of POS terminals can act as a major impediment to the growth of India
contactless payment market in the coming years.
Based on component, the
contactless payment market is bifurcated into solution & services. In terms
of solutions, the market is further categorized into Payment Terminal Solution,
Device Management Solution, Transaction Management Solution, Contactless Mobile
Payment Solution, Security and Fraud Management Solution & Others. Among
them, Payment Terminal solution dominated the market with the largest market
share until 2018 and the segment is expected to continue to maintain its dominance
as well during the forecast period. This can be attributed to the fact that
payment terminals are capable of accepting payments from a wide range of
contactless devices including prepaid, debit & credit cards, mobile
devices, wearable devices, stickers, and key fobs.
Leading market players in India
contactless payment market are 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.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of India
contactless payment market.
- To forecast India contactless payment market based
on component, device type, end user and regional distribution.
- To identify drivers and challenges for India
contactless payment market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions etc. in India
contactless payment market.
- To conduct the pricing analysis for India
contactless payment market.
- To identify and analyze the profile of leading
players operating in India contactless payment market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of contactless payment service providers. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the suppliers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the product types, application types and presence of all
major contactless payment service providers across India.
TechSci
Research calculated India contactless payment market size using a bottom-up
approach, where data for various end user industries and its application across
various product types were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company website, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target
Audience:
- Contactless payment companies and other
stakeholders
- Government bodies such as regulating
authorities and policy makers
- Organizations, forums and alliances related to
contactless payment market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as product
service providers and partners, end users etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India contactless payment market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, By Component:
- Market, By Device
Type:
- Point of Sale
Terminals
- Cards
- NFC Chips
- Mobile Handsets
- Others
- Market, By End
User:
- Retail
- Transportation
- Hospitality
- Healthcare
- Others
- Market,
By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in India contactless payment market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.
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