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Contactless Payments Market by Device Type (Mobile Handsets, Point of Sale Terminals, NFC Chips, Smart Cards, and Others) and Industry Vertical (BFSI, Retail, IT & Telecom, Transportation, Hospitality, Government, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023
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High Tech, Enterprise & Consumer IT	IC_172513	Pages: 136	Jul 2017 \| 4379 Views
Author(s) : Seapee Bajaj	Tables: 47	Charts: 50	Formats*:

Contactless Payments Market Outlook: 2023

The global contactless payments market size was valued at $6,734 million in 2016, and is expected to reach at $27.23 billion by 2023, with a CAGR of 20.8% from 2017 to 2023. The mobile payment industry has evolved over the past decade with advanced technologies and innovative developments by the key players for providing ease of payment using devices such as mobile handsets, point of sale terminals, NFC chips, smart cards, and others. Contactless payment systems comprise smart cards or other devices that integrate RFID or NFC technologies for making secure and contactless payment. Unlike mobile payments that are done through the internet, contactless payments are carried out in close physical proximity preventing unauthorized access during the transaction(s).

Near Field Communication (NFC) technology enables contactless payment by using standard-based wireless communication technology for exchanging information between a device and a point of sale terminal, thereby offering better and hassle-free customer experience. Moreover, NFC is used in mobile wallet, which is convenient for secured money transfers and ticketing transactions.

The global contactless payments market is driven by reduced transaction time, convenience in processing low-value payments, and increased revenue opportunities. However, high costs involved for the installation of EPOS terminals and lower rate of adoption hamper the contactless payments market growth.

Segment Review

The global contactless payments market is segmented based on device type, industry vertical, and region. Based on device type, it is divided into mobile handsets, point of sale terminals, NFC chips, smart cards, and others. On the basis of industry vertical, it is classified into BFSI, retail, IT & telecom, transportation, hospitality, government, and others. The contactless payments market is analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including country level analysis for each region.

The key players operating in the contactless payments market include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc.

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Top Impacting Factors

Reduced Transaction Time

Contactless payments are transactions performed quickly without compromising on security & privacy. These transactions are fast-paced as they do not require any pin or password to process the payments.

Increased Convenience

Contactless payments offer better collaboration in corporate environments to ensure rapid & secure transactions. In addition, these payments offer security of the card details, which are stored in mobile phones in the form of a secure element. This secure element could be in the form of subscriber identity module (SIM), secured chips, or secure digital card. Moreover, the hardware encryption can be only used in close proximity to the point of sale that makes contactless payments one of the most secure payments.

Lack of Awareness and Trust

Concerns regarding theft and security have created lack of trust among the public. The absence of pin facility during the transaction further proliferates this concern. Moreover, contactless cards are accepted at fewer locations as compared to magnetic stripe cards. This has hampered the contactless payments market growth to a prominent extent.

Key Benefits

This study includes the analytical depiction of the global contactless payments market along with current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed impact analyses.
The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
Porters five forces analysis illustrates the potency of buyers & suppliers in the global contactless payments industry.

Contactless Payments Market Key Segments:

By Device Type

Mobile Handsets
Point of Sale Terminals
NFC Chips
Smart Cards
Others

By Industry Vertical

BFSI
Retail
IT & Telecom
Transportation
Hospitality
Government
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
LAMEA
- Latin America
- Middle East
- Africa

Key Market Players

Ingenico Group
Verifone Systems, Inc.
Inside Secure
on Track Innovations
Oberthur Technologies SA
Proxama, PLC.
Wirecard AG
Giesecke & Devrient GmbH
Gemalto N.V.
Heartland Payment Systems, Inc.

CHAPTER 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

CHAPTER 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top impacting factors
3.2.2. Top winning strategies
3.2.3. Top investment pockets

3.3. PORTER’S FIVE FORCES ANALYSIS

3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitute
3.3.4. Threat of new entrant
3.3.5. Competitive rivalry

3.4. KEY PLAYER POSITIONING, 2016
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Integration of contactless cards with existing cards
3.5.1.2. Increased smartphone penetration
3.5.1.3. Advantages of contactless payments

3.5.2. Restraints

3.5.2.1. Difficulties in the replacement process of POS terminal
3.5.2.2. Security issues associated with technology

3.5.3. Opportunities

3.5.3.1. Integration of IoT and contactless payment technology
3.5.3.2. Surge in adoption in emerging economies

CHAPTER 4 CONTACTLESS PAYMENTS MARKET, BY DEVICE TYPE

4.1. OVERVIEW
4.2. MOBILE HANDSETS

4.2.1. Key market trends
4.2.2. Key growth factors and opportunities
4.2.3. Market size and forecast

4.3. POINT OF SALE TERMINALS

4.3.1. Key market trends
4.3.2. Key growth factors and opportunities
4.3.3. Market size and forecast

4.4. NFC CHIPS

4.4.1. Key market trends
4.4.2. Key growth factors and opportunities
4.4.3. Market size and forecast

4.5. SMART CARDS

4.5.1. Key market trends
4.5.2. Key growth factors and opportunities
4.5.3. Market size and forecast

4.6. OTHERS

4.6.1. Key market trends
4.6.2. Key growth factors and opportunities
4.6.3. Market size and forecast

CHAPTER 5 CONTACTLESS PAYMENTS MARKET, BY INDUSTRY VERTICAL

5.1. OVERVIEW
5.2. BANKING, FINANCIAL SERVICES & INSURANCE (BFSI)

5.2.1. Key market trends
5.2.2. Key growth factors and opportunities
5.2.3. Market size and forecast

5.3. RETAIL

5.3.1. Key market trends
5.3.2. Key growth factors and opportunities
5.3.3. Market size and forecast

5.4. IT & TELECOM

5.4.1. Key market trends
5.4.2. Key growth factors and opportunities
5.4.3. Market size and forecast

5.5. TRANSPORTATION

5.5.1. Key market trends
5.5.2. Key growth factors and opportunities
5.5.3. Market size and forecast

5.6. HOSPITALITY

5.6.1. Key market trends
5.6.2. Key growth factors and opportunities
5.6.3. Market size and forecast

5.7. GOVERNMENT

5.7.1. Key market trends
5.7.2. Key growth factors and opportunities
5.7.3. Market size and forecast

5.8. OTHERS

5.8.1. Key market trends
5.8.2. Key growth factors and opportunities
5.8.3. Market size and forecast

CHAPTER 6 CONTACTLESS PAYMENTS MARKET, BY SOLUTION

6.1. OVERVIEW
6.2. PAYMENT TERMINAL SOLUTION

6.2.1. Key market trends
6.2.2. Key growth factors and opportunities
6.2.3. Market size and forecast

6.3. CONTACTLESS MOBILE PAYMENT SOLUTION

6.3.1. Key market trends
6.3.2. Key growth factors and opportunities
6.3.3. Market size and forecast

6.4. DEVICE MANAGEMENT SOLUTION

6.4.1. Key market trends
6.4.2. Key growth factors and opportunities
6.4.3. Market size and forecast

6.5. TRANSACTION MANAGEMENT SOLUTION

6.5.1. Key market trends
6.5.2. Key growth factors and opportunities
6.5.3. Market size and forecast

6.6. DATA MANAGEMENT SOLUTION

6.6.1. Key market trends
6.6.2. Key growth factors and opportunities
6.6.3. Market size and forecast

6.7. SECURITY & FRAUD MANAGEMENT SOLUTION

6.7.1. Key market trends
6.7.2. Key growth factors and opportunities
6.7.3. Market size and forecast

6.8. HOSTED POINT OF SALE SOLUTION

6.8.1. Key market trends
6.8.2. Key growth factors and opportunities
6.8.3. Market size and forecast

6.9. ANALYTICS SOLUTION

6.9.1. Key market trends
6.9.2. Key growth factors and opportunities
6.9.3. Market size and forecast
CHAPTER 7 CONTACTLESS PAYMENTS MARKET, BY SERVICES

7.1 OVERVIEW
7.2 PROFESSIONAL SERVICES

7.2.1 Key market trends
7.2.2 Key growth factors and opportunities
7.2.3 Market size and forecast

7.3 MANAGED SERVICES

7.3.1 Key market trends
7.3.2 Key growth factors and opportunities
7.3.3 Market size and forecast

CHAPTER 8 CONTACTLESS PAYMENTS MARKET, BY REGION

8.1. OVERVIEW
8.2. NORTH AMERICA

8.2.1. Key market trends
8.2.2. Key growth factors and opportunities
8.2.3. Market size and forecast

8.2.3.1.1. U.S.
8.2.3.1.2. Market size and forecast
8.2.3.1.3. Canada
8.2.3.1.4. Market size and forecast
8.2.3.1.5. Mexico
8.2.3.1.6. Market size and forecast

8.3. EUROPE

8.3.1 Key market trends
8.3.2 Key growth factors and opportunities
8.3.3 Market size and forecast

8.3.3.1.1 UK
8.3.3.1.2 Market size and forecast
8.3.3.1.3 Germany
8.3.3.1.4 Market size and forecast
8.3.3.1.5 France
8.3.3.1.6 Market size and forecast
8.3.3.1.7 Rest of Europe
8.3.3.1.8 Market size and forecast

8.4 ASIA-PACIFIC

8.4.1 Key market trends
8.4.2 Key growth factors and opportunities
8.4.3 Market size and forecast

8.4.3.1.1 China
8.4.3.1.2 Market size and forecast
8.4.3.1.3 Japan
8.4.3.1.4 Market size and forecast
8.4.3.1.5 India
8.4.3.1.6 Market size and forecast
8.4.3.1.7 Rest of Asia-Pacific
8.4.3.1.8 Market size and forecast

8.5 LAMEA

8.5.1 Key market trends
8.5.2 Key growth factors and opportunities
8.5.3 Market size and forecast

8.5.3.1.1 Latin America
8.5.3.1.2 Market size and forecast
8.5.3.1.3 Middle East
8.5.3.1.4 Market size and forecast
8.5.3.1.5 Africa
8.5.3.1.6 Market size and forecast

CHAPTER 9 COMPANY PROFILE

9.1. INGENICO GROUP

9.1.1 Company Overview
9.1.2 Financial performance
9.1.3 Key strategies & developments

9.2. VERIFONE SYSTEMS, INC.

9.2.1 Company Overview
9.2.2 Financial performance
9.2.3 Key strategies & developments

9.3 INSIDE SECURE

9.3.1 Company Overview
9.3.2 Financial performance
9.3.3 Key strategies & developments

9.4 ON TRACK INNOVATIONS

9.4.1 Company Overview
9.4.2 Financial performance
9.4.3 Key strategies & developments

9.5 OBERTHUR TECHNOLOGIES SA

9.5.1 Company Overview
9.5.2 Financial performance
9.5.3 Key strategies & developments

9.6 PROXAMA, PLC.

9.6.1 Company Overview
9.6.2 Financial performance
9.6.3 Key strategies & developments

9.7 WIRECARD AG

9.7.1 Company Overview
9.7.2 Financial performance
9.7.3 Key strategies & developments

9.8 GIESECKE & DEVRIENT GMBH

9.8.1 Company Overview
9.8.2 Financial performance
9.8.3 Key strategies & developments

9.9 GEMALTO N.V.

9.9.1 Company Overview
9.9.2 Financial performance
9.9.3 Key strategies & developments

9.10 HEARTLAND PAYMENT SYSTEMS, INC.

9.10.1 Company Overview
9.10.2 Financial performance
9.10.3 Key strategies & developments

LIST OF TABLES

TABLE 1. GLOBAL CONTACTLESS PAYMENTS MARKET, BY DEVICE TYPE, 2016-2023 ($MILLION)
TABLE 2. CONTACTLESS PAYMENTS MARKET FOR MOBILE HANDSETS, BY REGION, 2016-2023 ($MILLION)
TABLE 3. CONTACTLESS PAYMENTS MARKET FOR POINT OF SALE TERMINALS, BY REGION, 2016-2023 ($MILLION)
TABLE 4. CONTACTLESS PAYMENTS MARKET FOR NFC CHIPS, BY REGION, 2016-2023 ($MILLION)
TABLE 5. CONTACTLESS PAYMENTS MARKET FOR SMART CARDS, BY REGION, 2016-2023 ($MILLION)
TABLE 6. CONTACTLESS PAYMENTS MARKET FOR OTHERS, BY REGION, 2016-2023 ($MILLION)
TABLE 7. GLOBAL CONTACTLESS PAYMENTS MARKET, BY INDUSTRY VERTICAL, 2016-2023 ($MILLION)
TABLE 8. CONTACTLESS PAYMENTS MARKET FOR BFSI INDUSTRY, BY REGION, 2016-2023 ($MILLION)
TABLE 9. CONTACTLESS PAYMENTS MARKET FOR RETAIL INDUSTRY, BY REGION, 2016-2023 ($MILLION)
TABLE 10. CONTACTLESS PAYMENTS MARKET FOR IT & TELECOM INDUSTRY, BY REGION, 2016-2023 ($MILLION)
TABLE 11. CONTACTLESS PAYMENTS MARKET FOR TRANSPORTATION VERTICAL, BY REGION, 2016-2023 ($MILLION)
TABLE 12. CONTACTLESS PAYMENTS MARKET FOR HOSPITALITY INDUSTRY, BY REGION, 2016-2023 ($MILLION)
TABLE 13. CONTACTLESS PAYMENTS MARKET FOR GOVERNMENT INDUSTRY, BY REGION, 2016-2023 ($MILLION)
TABLE 14. CONTACTLESS PAYMENTS MARKET FOR OTHERS INDUSTRIES, BY REGION, 2016-2023 ($MILLION)
TABLE 15. GLOBAL CONTACTLESS PAYMENTS MARKET, BY SOLUTION, 2016-2023 ($MILLION)
TABLE 16. CONTACTLESS PAYMENTS MARKET FOR PAYMENT TERMINAL SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 17. CONTACTLESS PAYMENTS MARKET FOR CONTACTLESS MOBILE PAYMENT SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 18. CONTACTLESS PAYMENTS MARKET FOR DEVICE MANAGEMENT SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 19. CONTACTLESS PAYMENTS MARKET FOR TRANSACTION MANAGEMENT SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 20. CONTACTLESS PAYMENTS MARKET FOR DATA MANAGEMENT SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 21. CONTACTLESS PAYMENTS MARKET FOR SECURITY & FRAUD MANAGEMENT SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 22. CONTACTLESS PAYMENTS MARKET FOR HOSTED POINT OF SALE SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 23. CONTACTLESS PAYMENTS MARKET FOR ANALYTICS SOLUTION, BY REGION, 2016-2023 ($MILLION)
TABLE 24. GLOBAL CONTACTLESS PAYMENTS MARKET, BY SERVICES, 2016-2023 ($MILLION)
TABLE 25. CONTACTLESS PAYMENTS MARKET FOR PROFESSIONAL SERVICES, BY REGION, 2016-2023 ($MILLION)
TABLE 26. CONTACTLESS PAYMENTS MARKET FOR MANAGED SERVICES, BY REGION, 2016-2023 ($MILLION)
TABLE 27. CONTACTLESS PAYMENTS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 28. NORTH AMERICA CONTACTLESS PAYMENTS MARKET, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 29. EUROPE CONTACTLESS PAYMENTS MARKET, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 30. ASIA-PACIFIC CONTACTLESS PAYMENTS MARKET, BY COUNTRY, 2016-2023 ($MILLION)
TABLE 31. LAMEA CONTACTLESS PAYMENTS MARKET, BY REGION, 2016-2023 ($MILLION)
TABLE 32. COMPANY SNAPSHOT: INGENICO GROUP
TABLE 33. COMPANY SNAPSHOT: VERIFONE SYSTEMS, INC.
TABLE 34. COMPANY SNAPSHOT: INSIDE SECURE
TABLE 35. COMPANY SNAPSHOT: ON TRACK INNOVATIONS
TABLE 36. COMPANY SNAPSHOT: OBERTHUR TECHNOLOGIES SA
TABLE 37. COMPANY SNAPSHOT: PROXAMA, PLC.
TABLE 38. COMPANY SNAPSHOT: WIRECARD AG
TABLE 39. COMPANY SNAPSHOT: GIESECKE & DEVRIENT GMBH
TABLE 40. COMPANY SNAPSHOT: GEMALTO N.V.
TABLE 41. COMPANY SNAPSHOT: HEARTLAND PAYMENT SYSTEMS, INC.

LIST OF FIGURES

FIGURE 1. CONTACTLESS PAYMENTS MARKET SEGMENTATION
FIGURE 2. EXECUTIVE SUMMARY
FIGURE 3. OVERVIEW OF THE OPPORTUNITIES IN THE GLOBAL CONTACTLESS PAYMENTS MARKET
FIGURE 4. TOP IMPACTING FACTORS
FIGURE 5. TOP WINNING STRATEGIES IN CONTACTLESS PAYMENTS MARKET
FIGURE 6. TOP INVESTMENT POCKETS
FIGURE 7. LOW BARGAINING POWER OF SUPPLIERS
FIGURE 8. MODERATE BARGAINING POWER OF BUYERS
FIGURE 9. MODERATE THREAT OF SUBSTITUTE
FIGURE 10. MODERATE-TO-HIGH THREAT OF NEW ENTRANT
FIGURE 11. HIGH COMPETITIVE RIVALRY
FIGURE 12. KEY PLAYER POSITIONING OF CONTACTLESS PAYMENT MARKET, 2016
FIGURE 13. MARKET DYNAMICS
FIGURE 14. CONTACTLESS PAYMENTS MARKET, BY DEVICE TYPE
FIGURE 15. GLOBAL CONTACTLESS PAYMENTS MARKET, BY DEVICE TYPE, 2016-2023 ($MILLION)
FIGURE 16. CONTACTLESS PAYMENTS MARKET, BY INDUSTRY VERTICAL
FIGURE 17. GLOBAL CONTACTLESS PAYMENTS MARKET, BY INDUSTRY VERTICAL, 2016-2023 ($MILLION)
FIGURE 18. CONTACTLESS PAYMENTS MARKET, BY SOLUTION
FIGURE 19. GLOBAL CONTACTLESS PAYMENTS MARKET, BY SOLUTION, 2016-2023 ($MILLION)
FIGURE 20. CONTACTLESS PAYMENTS MARKET, BY SERVICES
FIGURE 21. GLOBAL CONTACTLESS PAYMENTS MARKET, BY SERVICES, 2016-2023 ($MILLION)
FIGURE 22. CONTACTLESS PAYMENTS MARKET, BY REGION
FIGURE 23. NORTH AMERICA CONTACTLESS PAYMENTS MARKET
FIGURE 24. U.S. CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 25. CANADA CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 26. MEXICO CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 27. EUROPE CONTACTLESS PAYMENTS MARKET
FIGURE 28. UK CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 29. GERMANY CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 30. FRANCE CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 31. REST OF EUROPE CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 32. ASIA-PACIFIC CONTACTLESS PAYMENTS MARKET
FIGURE 33. CHINA CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 34. JAPAN CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 35. INDIA CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 36. REST OF ASIA-PACIFIC CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 37. LAMEA CONTACTLESS PAYMENTS MARKET
FIGURE 38. LATIN AMERICA CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 39. MIDDLE EAST CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 40. AFRICA CONTACTLESS PAYMENTS MARKET, 2016-2023 ($MILLION)
FIGURE 41. FINANCIAL PERFORMANCE: INGENICO GROUP
FIGURE 42. FINANCIAL PERFORMANCE: VERIFONE SYSTEMS, INC.
FIGURE 43. FINANCIAL PERFORMANCE: INSIDE SECURE
FIGURE 44. FINANCIAL PERFORMANCE: ON TRACK INNOVATIONS
FIGURE 45. FINANCIAL PERFORMANCE: OBERTHUR TECHNOLOGIES SA
FIGURE 46. FINANCIAL PERFORMANCE: PROXAMA, PLC.
FIGURE 47. FINANCIAL PERFORMANCE: WIRECARD AG
FIGURE 48. FINANCIAL PERFORMANCE: GIESECKE & DEVRIENT GMBH
FIGURE 49. FINANCIAL PERFORMANCE: GEMALTO N.V.
FIGURE 50. FINANCIAL PERFORMANCE: HEARTLAND PAYMENT SYSTEMS, INC.

Contactless cards or devices consist a chip that contains the user account information and an antenna. Contactless payments are established through these devices in close proximity to the terminal that also helps in getting rid of hacking or unauthorized access of financial information. Increased need for cashless payments and penetration of smartphones in the developed and the developing countries boost the adoption of contactless payments. In the past few years, the adoption of contactless payments has increased due to improved living standards and rapid growth rate of the retail industry. Contactless payments involve NFC technology, which allows users to establish transactions through mobile phones for numerous purposes such as easy payment, ticketing, healthcare updates, and information sharing with the help of several apps.

The widespread demand for e-commerce, and mobile banking services has influenced the contactless payments market growth. However, the cost of initial installations is higher than the traditional technologies that limits the market growth.

Innovations in the global contactless payments market such as payment through a ring or through facial recognition have boosted the overall market growth. Europe accounted for the maximum share in the market in 2016, owing to technological advancements and increase in use of contactless smart cards. Furthermore, Asia-Pacific is anticipated to witness the highest growth rate during the forecast period due to the rise in a number of NFC-enabled smart phones in countries such as China, Japan, and India.

The key players profiled in the report include Ingenico Group, Verifone Systems, Inc., Inside Secure, on Track Innovations, Oberthur Technologies SA, Proxama, PLC., Wirecard AG, Giesecke & Devrient GmbH, Gemalto N.V., and Heartland Payment Systems, Inc. The market players have introduced innovative NFC-enabled devices and collaborated with other companies to increase their product offerings, increase their customer base, and capitalize on the growing demand for this technology.