The report “Global Next Generation Payment Technology Market, By Technology Type (EMV Chip, Near Field Communication, Magnetic Secure Transmission, Bluetooth Low Energy, Quick Response Code), By Platform (Browser, Mobile App, Point of Sale), By Security Architecture (Encryption and Tokenization, Secure Element Systems, Host Card Emulation, Biometrics, Certificates and Standards, Fraud and risk tools), By Application (Retail and Commercial, Enterprise, Healthcare, Hospitality), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
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The launch of new debit and credit cards that utilize cryptography, like EuroPay, MasterCard and Visa, has resulted in decreased fraudulent activity. These cards detect modified transactions and require a pin for added protection. For merchants that accept chip cards, counterfeit fraud fell 26% in January 2019 compared to last year.
Bitcoin’s digital currency is growing at incredible rates, with more than $1.46 trillion in circulation as of June 1, 2020. Blockchain, a permissionless, distributed database technology for managing and recording transactions, could help banks reduce the confusion and cost of numerous complex processes.
Raising initiatives by government bodies
The next generation payment technology market is growing stepwise because of payment security regulations, innovation in IT companies, speed of transactions, easy to use, secure and robust systems against potential attackers. The increasing demand of smartphones, increasing adoption of e-commerce & m-commerce by banking and finance, government policies, entry of leading IT companies, and availability of trending payment technology products and solutions are mostly drive the global market. Hence, the global payment technology has been initiated and augmented for key geographical areas, payment technology types and by applications. The market is constantly rising with scientific innovations and trending activities in the industry. Additionally, local and regional industries are offering specific new application products to end users.
Growing popularity of wearable technology
The increasing proliferation of smartphones, popularity of wearable technology, increasing adoption of e-commerce & m-commerce, embrace by banking & financial services, government initiatives, entry of leading technology companies and availability of a diverse range of payment technology products & solutions are expected to keep driving the industry despite the financial, technological and security challenges restraining the ecosystem in several key market regions. Therefore, the global payment technology market estimation and forecast has been initiated with an exhaustive set of assumptions, following which market size information for both key geographical areas and key payment technology types & applications have been provided.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Next Generation Payment Technology Market”, By Technology Type (EMV Chip, Near Field Communication, Magnetic Secure Transmission, Bluetooth Low Energy, Quick Response Code), By Platform (Browser, Mobile App, Point of Sale), By Security Architecture (Encryption and Tokenization, Secure Element Systems, Host Card Emulation, Biometrics, Certificates and Standards, Fraud and risk tools), By Application (Retail and Commercial, Enterprise, Healthcare, Hospitality)and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029
Key Market Insights from the report:
The global next generation payment technology market accounted for USD 80.2 Billion in 2020 and is anticipated to register a CAGR of 16.1% during the forecasted period. The market report has been segmented on the basis of technology, platform, security platform, application and region.
Depending upon technology, EMV is projected to grow at highest CAGR over the coming years. Wearable technology and growing adaption of e-commerce & m-commerce are the major drivers for EMV technology, which help in surging the growth of next generation payment technology market.
Depending upon the platform, the mobile app segment is projected to register highest share of the market in 2019. The overall market makes impact with exponential growth of mobile and digital payments.
In terms of security architecture, secure element systems is expected to boost the market in 2020.
By application, the application segment is further bifurcated into retail and commercial, enterprise, healthcare, hospitality. The hospitality segment estimated for highest share in 2019 due to greater network feasibility, fast incident response.
By region, North America region contributes to the largest share in the global next generation payment technology technologies due to various factors such presence of secure and simple payment transactions in the present day in this region. Furthermore, the development in the market is accredited to the enormous demand of stringent payment security regulations, innovation by technology companies, reforming payments landscape, speed of transactions, ease of use, secure and the availability of technologically advanced products in European regions led to witness the highest growth over the forecast period.
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The prominent player operating in the global next generation payment technology market includes Adygen, Alipay, Cayan LLC, Citrus, Dwolla, Equinox, First Data Corporation, Gemalto, Google, and Ingenico.
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