The US contactless payment market is anticipated to grow at a CAGR 16% during the forecast period.
The US has a huge potential for the growth of the contactless payment market. However, the use of contactless payments in the US is very low. The GDP of the US was estimated to be about $20.5 trillion in 2018. The well-established economy of the country laid the ground for the growth of the contactless payment market. The technological advancement in the smart chip and ease of technology integration with existing cards are some major factors that have been driving the market growth. The contactless payment is not yet popularized in the US.
Contactless payments are as secure as chip and pin as they are transmitting transactions using the same card reader technology. However, it is been derived that some of the US consumers are not convinced that tap and pay are as safe as it is. With the increasing number of digital payments, fraud cases have reported an increase. Risk of cyberattacks has increased which as a result is decreasing the demand for a robust, secure platform for financial services. Cyber-attacks have reported the growth due to the absence of a secured system and decrypted form of data available on the global network of the internet.
However, the US consumers and merchants will hesitate to adopt contactless payment technology until the US banks adopt them. In fact, the small startup based in Sunnyvale, California, XpressTap, is launching its payment platform in Australia, Canada, and Southeast Asia to further simplify POS and online business. The company allows mobile phone transactions with a simple chip card "tap". Merchants and sellers need only one thing that is their phone. It also eliminates the cost, maintenance, and troubles surrounding the separate hardware.
The major market players that are active in the North American contactless payment market includes Bank of America Corp., Garmin Ltd., Glance Technologies Inc., Heartland Payment Systems, IBM Corp., PayPal, Inc., Setomatic Systems Inc., Square Capital LLC, Thales Group, Valitor HF, Verifone, Inc. and Visa Inc.
The report covers:
- A comprehensive research methodology of the US Contactless Payment market.
- A detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US Contactless Payment market.
- Insights about market determinants which are stimulating the US Contactless Payment market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Key Topics Covered
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.3. Rules & Regulations
3. Competitive Landscape
3.1. Competitive Share Analysis
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
4. Market Determinants
5. Market Segmentation
5.1. The US Contactless Payment Market by Device
5.1.2. Smart Cards
5.1.3. Point of Sale Terminals
5.2. The US Contactless Payment Market by End-User
6. Company Profiles
6.1. Bank of America Corp.
6.2. Garmin Ltd.
6.3. Glance Technologies Inc.
6.4. Heartland Payment Systems
6.5. IBM Corp.
6.6. PayPal, Inc.
6.7. Setomatic Systems Inc.
6.8. Square Capital LLC
6.9. Thales Group
6.10. Valitor HF
6.11. Verifone, Inc.
6.12. Visa Inc.
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