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Contactless payments on the rise

Posted: 16 Nov 2009     Print Version  Bookmark and Share

Keywords:contactless payment  point of sale  NFC 

IMS Research indicates that by the end of 2013, there will be over 1.25 crore (12.5 million) locations world wide accepting contactless payments. The World Market for EFT-POS Terminals & Contactless Readers, the market watcher forecasts that the number of contactless-enabled points of sale (POS) in existence will grow more than six times faster than the overall EFT-POS market.

John Devlin, research director at IMS Research, said, "After a downward blip in late 2008 and the first half of 2009, the overall market is now returning to growth. The retail and hospitality sectors that have been hardest hit are showing signs that the market bottomed out earlier this year. Those companies that have managed the economic downturn well are starting to invest in new technologies rather than just replacing essential POS equipment."

"Whilst the credit crunch has not completely gone away, confidence is now slowly returning and I am seeing tier one and two merchants now implementing new developments that had been temporarily shelved. Contactless is a prime example of this."

Card vendors and banks are now issuing more and more contactless cards and consumer awareness is starting to grow in a number of countries. This in turn is leading to more demand from merchants for contactless-enabled EFT-POS terminals. Contactless specialists, such as OTI and ViVOtech, are seeing greater demand for their contactless readers in a growing number of markets. Similarly dedicated secure card acceptance companies, such as Hypercom, Ingenico and VeriFone, are increasingly rolling out contactless across their product ranges.

Devlin concluded, "Retail and hospitality are recovering from the worst conditions experienced in a long time. As the market picks up it will be a case of merchants working harder to differentiate themselves from their competition. Accepting new and interesting means of payment, in the form of contactless cards, fobs and NFC/mobile payments, is a key part of this. In addition to greater customer convenience and an improved experience the merchants will also find that contactless benefits them with faster transaction speeds and improved footfall."

For more statistics and forecasts, click here

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