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.
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.
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.
According to TechSci Research “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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