The contactless payment is being adopted rapidly in retail stores and the BFSI sector as the COVID-19 disease spread across the globe. According to the World Health Organization (WHO), the cash could be a cause to spread COVID-19, the Coronavirus disease, so the contactless payment industry such as smartcards and smart devices are better options for payments. As per the WHO guidelines, the virus could stay on cash for days after exposure, so the organization advised the people to use contactless payment whenever possible. As per the latest data by the WHO on 25thApril 2020, the Coronavirus cases are accounted for nearly 2.6 million and further increasing rapidly day by day. Contactless payment services are widely adopted in order to make the transaction safe from viruses that further contribute to the contactless payment industry growth. The banking sector in China was advised to disinfect the cash before issuing for the public to slow down the spread of the virus. Moreover, the concern related to the coronavirus also encourages the demand for contactless payment in the US and other countries. Due to the presence of technology giants such as Google, Amazon, and Apple among others, the development of the contactless payment market size positively impacted due to COVID-19 outbreak.
Software companies are investing in significant workforce and money to develop a platform that is more secure, more transparent as compared to other modes of payment and operates with decentralized authority. It is been expected that the adoption of contactless payments in the US is much smoother than the EVM or POS. This is due to the retailers who installed a new reader with in-built contactless payment technology. Moreover, as per the emerging payments at US Bank, the coronavirus outbreak is the opportunity for the digital and online payment companies such as Zelle, PayPal, and other online banking providers who could see the boost in the services in near future. The adoption of contactless payments also enables increasing the sales and will reduce the risk of coronavirus across the payment ecosystem that further boost the market size.
OMR global recently published a report addressing the impact of COVID-19 on the contactless payment Market. The report includes analyses of different regions and countries. The largest affected market is China, as it is the epicenter of the disease. Moreover, a surge in cases in Europe and North America in March 2020 has affected the contactless payment industry growth of these regions also significantly.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/covid-19-impact-on-contactless-payment-market
The Report Covers
- Comprehensive research methodology of the global contactless payment Industry.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global contactless payment Industry.
- Insights about market determinants that are stimulating the global contactless payment Industry.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Global Contactless Payment Market – Segmentation
- Retail
- BFSI
- Transportation
- Others
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/covid-19-impact-on-contactless-payment-market
