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Contactless Payment Market Soars to US$ 123.58 billion by 2030, registering a Remarkable CAGR of 24.0%
COVINA, Calif., July 12, 2023 /PRNewswire/ — According to Prophecy Market Insights “Contactless Payment Market accounted for US$ 9.18 billion in 2020 and is estimated to be US$ 123.58 billion by 2030 and is anticipated to register a CAGR of 24.0%”
What is the overview of Contactless Payment Market?
Contactless Payment is a secure method that represents cashless payment for consumers to purchase products via debit, credit, or smartcards, also known as chip cards, by using RFID technology or near-field communication.
Rapid frequency of purchasing products and daily transactions has given positive impact on market growth. Adoption of digital technologies and growing awareness among consumers regarding the benefits of contactless payment has driven market growth. Surge in demand for smartphones and its use in making payment transactions are expected to fuel the target market growth over the forecast period.
What is Prophecy’s Analyst View on Contactless Payment Market?
Presence of major players and growing strategic partnerships to expand the product portfolio in the market has provided lucrative opportunities in market growth. Growing industrialization and adoption of advanced technology has further driven the market growth. Wide benefits such as less transaction time and growing purchasing power of an individual with disposable income is anticipated to increase the demand for Contactless Payment market growth over the forecast period.
Who are the Top Key players operating in the Contactless Payment Market?
- Advanced Card Systems Limited
- Chip & PIN Solutions Ltd
- Placard Pty Ltd
- Ingenico Inc.
- Gemalto N.V.
- VeriFone Systems, Inc.
- Heartland Payment Systems, Inc.
- On Track Innovations Ltd.
- Castles Technology Co., Ltd.
- Bindo Labs, Inc.
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Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
|
Accounted in 2020 |
US$ 9.18 billion |
|
Estimated to be in 2030 |
US$ 123.58 billion |
|
CAGR |
24.0 % |
|
Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
|
Market Segmentation |
By Type– Hardware (Smart-Cards, Point of Sale Terminals, Smart-Card Readers) and Software (Smartcard Reader Drives, POS Software, Application Programming Interface, Software Development Kit (SDK), and Mobile Applications) By Mode of Payment– Contactless Card (NFC/RFID), Wearable Devices, and Contactless Mobile Payment By End Use Industry– Banking, Financial Services and Insurance (BFSI), Retail, Public Sector, Transportation & Logistics, Hospitality, and Media & Entertainment |
|
Regional scope |
North America – U.S., Canada Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America – Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
|
Customization Scope |
Avail of customized purchase options to meet your exact research needs. https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/339 |
What are the Recent News of Contactless Payment Market?
- In April 2023, Square launched new ‘Tap to Pay’ tool on android phones for sellers across United States, France, UK, Australia, Spain and Ireland. The new launched tool will allow the sellers to accept contactless payment in secure & safe manner with no additional cost and no need of additional hardware.
- In May 2023, MasterCard in partnership with Net plus and First City Monument Bank (FCMB) launched new contactless payment solution which will enable the merchants, consumers and financial institutions to process their payments in seamless manner.
- In November 2022, Honeywell launched new contactless payment tool ‘Smart Pay’ software which will allow the company’s powerful mobile computers to become safe & secure compliant payment terminals. The new launched tool will allow the customers to purchase the product faster with secure and easiest way.
What are new technologies and trends in Contactless Payment Market?
The contactless payment market is experiencing the emergence of new technologies and trends that are reshaping the industry. Mobile wallets, such as Apple Pay and Google Pay, have gained popularity, allowing users to make seamless payments using their smartphones. NFC-enabled wearables, like smartwatches and payment-enabled jewelry, are incorporating contactless payment capabilities, providing users with convenient payment options. Biometric authentication methods, including fingerprint scanning and facial recognition, are enhancing security and improving user experience. Additionally, the market is witnessing the integration of contactless payments with loyalty programs, the exploration of new industries like healthcare and hospitality, and the application of artificial intelligence and data analytics for personalized experiences. These advancements are driving innovation and transforming the way we make payments.
What are the Drivers of the Contactless Payment Market?
- Convenience and speed of transactions
- Enhanced security features like tokenization and encryption
- Increasing smartphone penetration and availability of mobile wallets
- Growing acceptance of contactless payments by merchants
- Shift in consumer behavior towards digital and contactless payments
- Government initiatives and regulations promoting contactless payment adoption
- Integration of contactless payment systems in transit networks
- Impact of the COVID-19 pandemic, highlighting the need for hygienic payment options.
What are the Restrains of the Contactless Payment Market?
- Limited infrastructure in some regions
- Security concerns and building consumer trust
- Resistance to change from traditional payment methods
- Dependence on smartphone availability and functionality
- Regulatory and compliance challenges
- Cost of adoption for businesses and merchants
- Connectivity issues in areas with poor network coverage.
What are the Opportunities in the Contactless Payment Market?
- Increasing adoption in emerging markets
- Integration with IoT and wearable devices
- Expansion in transit and transportation sectors
- Seamless cross-border payment capabilities
- Targeting small and medium enterprises (SMEs)
- Integration with loyalty programs and rewards
- Opportunities for partnerships and collaborations
- Leveraging artificial intelligence and data analytics for personalized experiences
- Exploring contactless payments in new industries (e.g., healthcare, hospitality)
- Embracing biometric authentication for enhanced security.
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Key Benefits of Contactless Payment Market:
- Convenience and ease of use
- Faster transaction times
- Reduced need for physical cash or card insertion
- Enhanced customer experience
- Improved efficiency for merchants
- Secure and encrypted transactions
- Reduced risk of card skimming or theft
- Hygienic and contactless payment option
- Integration with loyalty programs and rewards
- Accessible for unbanked or under banked populations.
Conclusion:
The contactless payment market provides a convenient, secure, and efficient way to make transactions. With its speed and ease of use, contactless payments offer a hassle-free experience for both customers and merchants. The enhanced security measures minimize the risk of fraud, while the contactless nature of the transactions promotes hygiene and reduces the need for physical contact. Integration with loyalty programs further enhances the customer experience. Overall, the contactless payment market is driving innovation and reshaping the way we conduct transactions, offering numerous benefits to users and businesses alike.
Browse Other Related Reports:
Mobile Payments Market accounted for US$ 52.21 billion in 2022 and is estimated to be US$ 1390.2 billion by 2032 and is anticipated to register a CAGR of 36.6%.
Real time payments market accounted for US$ 8.6 billion in 2020 and is estimated to be US$ 98.4 Billion by 2032 and is anticipated to register a CAGR of 31.1 %.
Next generation payment technology market accounted for US$ 92.9 billion in 2022 and is estimated to be US$ 460.9 Billion by 2032 and is anticipated to register a CAGR of 16.4%.
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Prophecy Market Insights is a leading provider of market research services, offering insightful and actionable reports to clients across various industries. With a team of experienced analysts and researchers, Prophecy Market Insights provides accurate and reliable market intelligence, helping businesses make informed decisions and stay ahead of the competition. The company’s research reports cover a wide range of topics, including industry trends, market size, growth opportunities, competitive landscape, and more. Prophecy Market Insights is committed to delivering high-quality research services that help clients achieve their strategic goals and objectives.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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