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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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.

Secondary Sources Include

Financial reports of companies involved in the market.
Whitepapers, research-papers, and news blogs.
Company websites and their product catalog.

Market Segmentation

The US Contactless Payment Market by Device

Smartphones
Smart Cards
Point of Sale Terminals
Other

The US Contactless Payment Market by End-User

Retail
BFSI
Transportation
Others

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