Market Research Report
Impact of COVID 19 on Global Contactless Payment Market
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|Impact of COVID 19 on Global Contactless Payment Market|
|Published: March 1, 2020||Content info:||
Global Contactless Payment Market Size, Share & Trends Analysis Report by Product (Electronics, Healthcare, Beauty and Personal Care and Others), Impact of COVID-19 on Global Automotive Industry, and Forecast 2019-2025
The principle of working of contactless payments is the RFID (Radio Frequency Identification) or NFC technology. The technology helps the transfer of money with the help of RFID enabled devices. The adoption rate of contactless payment services is considered in order to make the financial transaction easy and fast. The emergence of contactless payment services has taken place substantially over the last decades. Contactless payment is on the high demand in the sectors which are dealing with a huge number of financial transactions such as BFSI (Banking, Financial Services, and Insurance), supermarkets, shopping centers, transportation, and various other sectors. Some of the growth factors in the global contactless payment market include private and public investments, a growing number of fintech organizations, increasing cases of cyber thefts, and others. Moreover, the COVID-19 pandemic raises the demand for cashless and online. As per the WHO, the virus could stay on cash for days after exposure, so the organization advised the people to use contactless payment whenever possible.
The global contactless payment industry report is segmented based end-user including Retail, BFSI, Transportation, and others. The outbreak of COVID-19 had an impact on these segments due to the demand for retail stores across the globe. Moreover, the contactless payment in supermarkets and shopping malls ware on the high demand however, the COVID-19 outbreak can push the people to contactless payment. For instance, in India consumers now experiences a quicker way to pay at entertainment venues, dining, and supermarkets including a Big Bazaar, PVR and Reliance retail among others. Additionally, over 3.3 million merchants are accepting cashless payments through various payment options in India that can further push for increased use of cashless transactions in these stores. Furthermore, according to UK finance, around 77% of all UK retail spending was made by cards. This has been driven by the extensive acceptance of contactless payment and other forms of digital payments; therefore, this could be affected by the COVID-19 outbreak.
The contactless payment industry in various regions such as North America, Europe, Asia-Pacific and the Rest of the world are impacted by the novel COVID-19 pandemic. The countries in which most of the cases recorded include Italy, Spain, France, and Germany in Europe and China in Asia-Pacific. The banks in China issued a prerequisite that all Chinese banks begin sanitizing banknotes with an ultraviolet light or high heat and then storing the bills in a sanitized location. For the encouragement of contactless payment, Ireland 's AIB Bank suspends to take charges on contactless payment, thus further help prevent the virus from spreading further. Key companies getting involved in the market include Giesecke & Devrient GmbH, Gemalto NV, Visa, Inc., Wirecard AG, Verifone Inc., Garmin Ltd., PayPal Inc., Prepay Technologies Ltd. and others.
OMR global recently published a report addressing the impact of COVID-19 on the global contactless payment industry. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effect of COVID-19 on the contactless payment industry of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
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