The US contactless payment market is anticipated to grow at a CAGR 16.0% 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 $20.50 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.
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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.
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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.
US Contactless Payment Market Segmentation
• Smart Cards
• Point of Sale Terminals
• 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.
• Visa Inc.
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