The increasing proliferation of smartphones, popularity of wearable technology, increasing adoption of e-commerce & m-commerce, embrace by banking & financial services, government initiatives, entry of leading technology companies and availability of a diverse range of payment technology products & solutions are expected to keep driving the industry despite the financial, technological and security challenges restraining the ecosystem in several key market regions. Therefore, the global payment technology market estimation and forecast has been initiated with an exhaustive set of assumptions, following which market size information for both key geographical areas and key payment technology types & applications have been provided.
The report on ‘Next Generation Payment Technology is a meticulous compilation of the various facets of the payment technology market including a thorough analysis of the different technology types of payment technology mapped across different applications and geographical regions. The Porter’s Five Forces analysis, value chain analysis, key regulations & industry initiatives, business models and key developments have also been included in the report to understand the overall attractiveness of this industry.
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With the exponential growth of mobile and digital payments, service providers and customers have expressed interest in next generation payment technology, mostly due to change in spending pattern and increased convenience. The massive infrastructure changes required to upgrade outdated and legacy payment systems and the increasingly high number of security standards imposed by the regulatory bodies have given impetus to usage of latest payment technology. Technology companies and financial institutions have laid a foundation to create a simple, global and secure payment solution which will enable customers to make payments easily. There is a dynamic shift in the security requirements and that has boosted overall business of companies from every vertical or sector.
The advent of digitalization in the payment transactions have caught the attention of global industrial ecosystem and it is expected to drastically change the dynamics of the payment technology market by creating new participants across mobile network carriers, handset original equipment manufacturer (OEM), terminal and readers’ manufacturers, near field communication (NFC) technology enablers, Europay MasterCard Visa (EMV) chip makers and financial institutions among others. All major players from each payment technology aim to record good share of revenues from payment technology products and solutions. Traditional stakeholders such as issuers, payment networks, and acquiring banks will need to focus on maintaining their current share of revenue from card transactions to newer forms of payment transactions such as mobile app and mobile wallet.
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Next generation payment technology has helped to deliver secure financial services in various circumstances where threat to login data and financial information prevails. Latest payment technologies such as Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Quick Response Code (QR Code) and Magnetic Secure Transmission (MST) have made the payment transactions both technically and commercially feasible.
The report answers the following questions about the next generation payment technology market:
What are the key factors driving the payment technology market and how will the impact change through the forecast period?
What are the major factors challenging the growth of next generation payment technology market and how can they be addressed through the forecast period?
How will the market players leverage on key developments such as acquisitions, partnerships & collaborations, business expansions and product developments among others?
What kind of new strategies are being adopted by existing market players to position themselves better in the payment technology industry?
How will the payment technologies evolve through the forecast period?
Which factors will affect the growth of the payment technology market for individual payment technology such as EMV Chip, NFC, BLE, MST and QR Code during the forecast period?
Which factors will affect the growth of the payment technology market for different application areas like retail, healthcare, enterprise, hospitality and other applications during the forecast period? Which factors will affect the growth of the payment technology market for platforms such as mobile point-of-sale and mobile app during the forecast period?
Which region will dominate the global payment technology market by the end of the forecast period?
Further, the report provides an exhaustive study of the global next generation payment technology market and the trends across geographical regions such as North America, Europe, APAC, and Rest of the World. The company profile section has been broken down into the publically traded companies and private companies. While the global companies have been chosen on the basis of their market developments and revenue generation, best-selling payment technology companies have also been profiled in the report. Some of the established payment technology players in this market are Apple, Samsung, Google, MasterCard, Visa, PayPal, Ingenico, Alipay, Square, Verifone, First Data, Cayan, Adyen and Worldpay etc
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