Next Generation Payment Technology Market Size, Share, and Industry Analysis, By Type (EMV Chip, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Bluetooth Low Energy (BLE), Quick Response Code (QR Code)) By Application (Retail and Commercial, Enterprise, Healthcare, Hospitality, and Others) Regional Forecast To 2031

Updated On: 01 April 2024

NEXT GENERATION PAYMENT TECHNOLOGY MARKET REPORT OVERVIEW

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The global next generation payment technology market size was USD 4544140 million in 2021 and the market is projected to touch USD 84868043 million by 2031, with a growing compound annual growth rate (CAGR) of 33.6% (2022-2031). 

The global COVID-19 pandemic has been unprecedented and staggering, with it experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The potential of next generation payment technology to advance faster than advances in developing economies is transforming the payment ecosystem from commoditized ideas to useful solutions. It is crucial to understand that the evolving payment landscape is poised to transform enterprises through greater automation and connection. Payment technologies cover a wide range of options, from e-wallets to mobile payments. Many payment technologies are leading the way in markets around the world. These innovative payment methods have the potential to speed up transactions and streamline international payments. Payments will become much more than just a simple money transfer now that the shift has already started.

New payment processing technologies are giving companies the chance to reinvent how commerce functions as a whole. Modern technology is significantly changing the payment landscape. The era of mobile wallets, EMV, block chain, etc. is one in which payment technology is still evolving. The different uses and benefits of it facilitates the growth of the next generation payment technology market.

COVID-19 Impact: Digitalization to Increase Market Growth

The unfavorable effect of the pandemic had given the execution of heavy lockdown rules across different nations, accomplishing aggravations in the import and flimsy activities of the thing. At any rate, the progression pursued for importance in the market extended the first class improvement during the pandemic. Cash transfer reduced during the pandemic as there was no contact policy implemented in several countries. The transfer of money takes a few seconds online. All of this is due to the breakthroughs in online technology. It is a very reliable payment process that is easily available nearly everywhere in the world. This creates a necessity sometimes when there is a need. With every one of the current circumstances additionally, the advancement of the market of next generation payment technology figures post-COVID-19 is shown in the market.

LATEST TRENDS

"Helping in Spending Without Hand Cash to Improve Market Growth"

One of the main benefits of using a credit card is the ability for customers to postpone paying for their purchases until later. This is very practical for people who are short on funds when making a purchase. The fact that many banks permit cardholders to settle their accrued credit card debt in installments or increments is another important consideration. Additionally, it is widely used throughout the world, thus there is no need for people to take cash with them. This makes people quite comfortable without the concern of money being stolen. Such demands are expected to pose an opportunity for global next generation payment technology market growth during the forecast period.

NEXT GENERATION PAYMENT TECHNOLOGY MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into EMV Chip, near field communication (NFC), magnetic secure transmission (MST), bluetooth low energy (BLE), quick response code (QR Code).

EMV chip is the leading part in the type segment.

• By Application

Based on application; the market is divided into retail and commercial, enterprise, healthcare, hospitality, and others.

Retail and commercial is the leading part in the application segment.

DRIVING FACTORS

"Faster and Convenience to Increase Production"

There is no common protocol used by contactless credit and debit cards. Instead, based on EMV principles, each card brand develops its own proprietary methodology. Contactless RFID cards are quicker, more practical, and more secure than chip-and-signature credit cards. They are equally safe as chip-and-PIN transactions. Cardholders can access functions like payment history, virtual card provisioning, remote deactivation, and user-configurable pin-protection when specifically linked to a smartphone. Additionally, its tap-to-pay system enables rapid and convenient transactions, which is essential in transit locations in particular. Such demands are anticipated to drive the next generation payment technology market share.

"Increase in Security to Improve Market Growth"

Even though EMV technology has some security drawbacks, it is extremely important for enhancing payment card security. As EMV replaces the conventional magnetic stripe with embedded microprocessors that store cardholder data, PIN-based authentication can aid in preventing fraud involving lost and stolen cards. In order to process payments via PoS terminals, the system additionally requires users to input PINs (preferably one that should be known only to the cardholder). This payment mechanism provides stronger defense against forgery, which may result in data breaches. These factors and different uses are anticipated to drive the next generation payment technology market growth during the forecast period.

RESTRAINING FACTORS

"Data Stealing to Impede Market Growth"

The majority of smartphones have NFC capabilities and next generation payment technology apps that can read the information on contactless cards. To create unique NFC apps, developers can leverage open source software libraries for reading and extracting data from contactless cards. It is possible to leverage this accessibility and usability against the cardholder. Attackers can brush against potential victims in busy public settings while using either a dedicated RFID reader or an NFC-enabled smartphone (and an app that scans contactless card data) to wirelessly take their credit card information, a practice known as "electronic pickpocketing.". These factors restrict the growth of the next generation payment technology market.  

NEXT GENERATION PAYMENT TECHNOLOGY MARKET REGIONAL INSIGHTS

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"North America to Dominate Market due to High Rate of Consumers"

North America holds the largest part of the global next generation payment technology market share due to the largest manufacturing companies in different states of countries such as the U.S. being the leading producers. The availability of resources mainly depends on the countries of America. The rate of consumption being higher in these regions is also one of the reasons. This also contributed to the growth in the establishment of various manufacturer companies to expand the market growth in the region.     

KEY INDUSTRY PLAYERS

"New Methods by Manufacturers to Improve Market Growth"

The report focuses on the overall association of gathering individuals and their turn of events. Coming about to social gatherings the critical data, it is utilized through significant assessment, imaginative developments, acquisitions, and interests. Discretionary viewpoints noted for this market merge affiliations that work with and offer new things, the geographic areas they base on, computerization, lead gathering, making the most unquestionably compensating sections, and having genuine contact with their things.

List of Market Players Profiled

• Adyen (Netherlands)
• Alipay (China)
• Apple (U.S.)
• Cayan LLC (U.S.)
• Citrus (India)
• Dwolla (U.S.)
• Equinox (U.S.)
• First Data Corporation (U.S.)
• Gemalto (U.S.)
• Google (U.S.)
• Ingenico (France)
• MFS Africa (South Africa)
• MasterCard (U.S.)
• NEC (Japan)
• Noire (France)
• Oberthur (France)
• PAX Technology (U.S.)
• PayPal (U.S.)
• Payfort (U.A.E)

REPORT COVERAGE

This appraisal equips a report with assessments that consider the portrayal liberated from the business ties that could change the time period that is being rotated around. The survey gives a reasonable perspective concerning arranging affiliations with its inconceivable appearance structures, market plausibility, and late new developments. By looking into the parts, for example, division, expected open pieces, energy restores, plans, improvement, size, shares, drivers, blocks, and others, it gives an expansive assessment under the course of the finished point by point evaluation. This evaluation could be changed considering the fundamental information and future market fragment changes.