Contactless Payment Systems - Industry Analysis & Forecasts (2013-2018)

Contactless Payment Systems:

Contactless Payment Systems are the system that uses radio frequency identification for secure transactions. Contactless payment systems involves the use of credit cards, debit cards, key fobs, smart cards & mobile phones.

 

How it works:

As the name implies for making contactless payment the card does not need to touch the reader. The card includes the chip & antenna which enables the user to wave their cards over a reader.

Contactless Symbol

The users can make the payment using the contactless payment systems if the contactless symbol is available on the front of their card.

Contactless aaceptance symbol

The user can make contactless payment at the places where it displays contactless acceptance symbol. There are many retailers now a days that accepts contactless payments. If the contactless acceptance symbol is present on the reader's system the users can wave their card over the reader to make payment.

Just after the user wave their card over the reader the lights on the reader will illuminate to show that the transaction is successful.

Benefits of contactless payment systems:

Business Benefits 

1. Contactless payment system is faster than chip & PIN systems.
2. There is no charge-backs if the card is lost or stolen
3. Transactions appear automatically on the bank statements
4. As it is faster it helps in reducing the queues so more customers can get served
5. Contactless payment systems has the same secure network as chip & PIN 

Customer Benefits

1.  It is easy to understand & easy to use
2. Customers don't need to worry about signature or PIN
3. Contactless payment systems is more convenient than any other payment systrems
4. Customers don't need to top up their card, the amount available to spend is the same as the balance in their account
5. No need to queue for a long time as contactless payment systems provides faster transactions. 

Contactless payment Industry Forecasts:

MarketsandMarkets forecasts the Contactless Payments market to grow from $4.32 billion in 2013 to $9.88 billion in 2018, at a CAGR of 18% during the forecast period. In terms of regions, APAC is expected to be the biggest market in terms of revenue contribution, while North America (NA) and Latin America (LA) are expected to experience increased market traction, during the forecast period.

For more information visit:
http://www.prweb.com/releases/contactless-payments/market/prweb11511001.htm