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The global contactless payment market is dominated by the Asia Pacific region, owing to the increasing penetration of smartphones into the economy, flourishing e-commerce websites, and the rising use of digital wallets. People are increasingly opting for digital wallets and contactless cards globally. Contactless payments promote digital literacy in the world. It makes the transaction quick and adds convenience as contactless payment is not just restricted to cards but also includes smartphones. It is considered a safer option when compared to cash payments. It is beneficial for buyers and sellers as one can roam hassle-free without cash and generate business efficiency as less workforce is required. It reduces businesses' time on operating card machines or counting money. Providing contactless options does not require any extra charge or processing fees.
The government is also promoting contactless payments as it is easy to track the expenses, confronts the inflow of fake currency into the economy, and reduces the cost of printing notes and maintaining the money supply. Service providers offer loyalty points and discounts to their regular users; some banks also offer cashback and incentives when using the contactless payment feature. The COVID-19 pandemic has also positively impacted the contactless payment market. Lockdowns and restrictions have made shopping through e-commerce more popular. Many small and medium businesses have survived the pandemic due to e-commerce. It has encouraged everyone from large organisations to small vendors to adopt contactless payments. The preference for digital payments is likely to be high even after the COVID-19 pandemic.
The intense competition among the key players is a key element responsible for the rise of the global industry. In June 2021, Pax Technologies (OTCMKTS: PXGYF), the world's prime contactless payment provider, and OIYAA, a new generation circular loyalty platform that rewards local people for supporting local businesses, are collaborating to offer retail merchants the capacity to efficient ordering, payment, and loyalty processes. It allows consumers to save money while supporting local businesses. Such developments are expected to augment the demand for contactless payments in the coming years.
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The major players in the global contactless payment industry are Pax Technologies Pvt. Ltd., VeriFone Holdings, Inc., Wirecard AG, On Track Innovations Ltd., Ingenico Group S.A., and Proxama PLC. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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