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Contactless Payments: Waving Cash Goodbye
Datamonitor, Oct 2011, Pages: 81
Since first emerging in the 2000s, contactless payments have steadily gained traction, yet this progress has been patchy and uneven. This report examines the latest developments for contactless. It presents data on the potential market size, analyses consumer holding and usage, captures competitor developments, and presents key lessons for issuers to push contactless into the mainstream.
Scope of the report:
- Draws on the Contactless Payments Opportunity Model to size the addressable market for contactless payments in 62 countries.
- Utilises The Financial Services Consumer Insight Survey to analyse contactless card holding, usage and awareness.
- Provides a global round-up, by region, of competitor developments in contactless card issuance.
- Presents a contactless attractiveness ranking for 50 countries from The Contactless Payments Opportunity Model and Global Payment Card data.
- Highlights key lessons for issuers to boost consumer awareness and usage of contactless payments.
Highlights:
- The potential market for contactless payments is huge. The Contactless Payments Opportunity Model puts the global addressable market for contactless at €2.1tn ($2.9tn) per year, equal to around 26% of the value of POS transactions currently made in the countries covered by the model.
- Globally, 20% of consumers report that they currently hold a contactless payment card from their bank. However, of these 5% claim that they do not use it. Despite these positive signs, nearly a third of consumers (32%) claim that that they have not heard of contactless, highlighting the low awareness levels that persist among consumers.
- Open-loop ticketing on public transport represents a significant opportunity to boost awareness and usage of general purpose contactless cards. Numerous transport authorities globally are investigating the possibilities offered by contactless. These include the Toronto Transport Commission in Canada and Transport for London in the UK.
Reasons to buy:
- How big is the addressable market for contactless payment technology?
- Which are the most attractive countries in which to launch contactless payment propositions?
- What proportion of consumers have contactless cards and use them?
- What will be the key drivers for contactless payment adoption over the coming years?
- Which countries and regions are most advanced in contactless payments?
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