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Contactless Payment Cards: The Future of Contactless

  • June 2014
  • 28 pages
  • GlobalData
Report ID: 3375876

Summary

Summary
This report analyzes the global contactless payment environment and delves into the obstacles that are hindering further growth over the next few years. The report also looks at growth opportunities for contactless in the near future.


Synopsis
- Illustrates where the global contactless card environment currently stands and where it will be heading.
- An overview of the current contactless market situation in the Americas, Europe, and Asia Pacific, and where they are heading.
- Analysis of where the future of contactless payments lies.
- Difficulties and areas that issuers and schemes will need to overcome to further grow contactless payments.

Reasons To Buy
- How will global contactless payment card penetration develop in the next few years?
- What are the next opportunities in contactless payments?
- What are the obstacles in the future of contactless payments?

Key Highlights
Contactless grew at a CAGR of 38.4% between 2010 and 2013, reaching about 552 million cards globally. Between 2013 and 2016 growth is expected to reach a CAGR of 72.3%, surpassing 1 billion cards. The surge in merchant acceptance of contactless cards will continue to propel consumer uptake of the payment method.

Rising contactless acceptance over the coming years will be the principal driver of growth in contactless usage. Contactless acceptance has been concentrated among major retailers, but going forward there will be rising acceptance among smaller merchants and the mass transit and unattended payments sectors.

There are still barriers that need to be overcome for contactless uptake. Consumers have become accustomed to chip-and-PIN cards, and will need to be converted to contactless. Consumers remain concerned about the possibility of fraudulent transactions conducted via contactless payments.

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