Sample_U.S. Contactless Payment Market
Global Contactless Payment Market worth US$ 98.1 Billion 2029 with a CAGR of 24.0%
Global Contactless Payment Market worth US$ 98.1 Billion 2029 with a CAGR of 24.0%
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U.S. <strong>Contactless</strong> <strong>Payment</strong> <strong>Market</strong><br />
COVID-19 Impact on <strong>Market</strong><br />
<strong>Contactless</strong> payments are anticipated to increase and become a more preferred method of payment amid the spread of COVID-19 as<br />
contactless payment methods require less physical interaction. However, a bulletin from the Bank for International Settlements (BIS)<br />
says that the risk of virus transmission by cash usage is lower compared with other frequently touched objects, such as PIN pads and<br />
credit card terminals.<br />
Current developments in digital payments have encouraged the use of contactless payments amid this pandemic. For instance, in April<br />
2020, the Neobank Upgrade (U.S.) has launched the new contactless credit card available in digital form that supports Google Pay and<br />
Apple Pay mobile wallets.<br />
Perceptions that cash could spread pathogens are expected to change the payment behavior by firms and users irrespective of whether<br />
concerns are justified or not. Digital wallets or other smartphone-based payment interfaces have emerged as potential solutions for<br />
payments to prevent virus spread.<br />
Source: Prophecy <strong>Market</strong> Insights<br />
Copyright © PROPHECY MARKET INSIGHTS 2019, All Rights Reserved 50
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