US Contactless Payment Market Will Generate Record Revenue by 2029

 The US contactless payment market is anticipated to grow at a CAGR 16.0% during the forecast period. The US has a huge potential for the growth of the contactless payment market. However, the use of contactless payments in the US is very low. The GDP of the US was estimated to be about $20.50 trillion in 2018. The well-established economy of the country laid the ground for the growth of the contactless payment market. The technological advancement in the smart chip and ease of technology integration with existing cards are some major factors that have been driving the market growth. The contactless payment is not yet popularized in the US.

Contactless payments are as secure as chip and pin as they are transmitting transactions using the same card reader technology. However, it is been derived that some of the US consumers are not convinced that tap and pay are as safe as it is. With the increasing number of digital payments, fraud cases have reported an increase. Risk of cyberattacks has increased which as a result is decreasing the demand for a robust, secure platform for financial services. Cyber-attacks have reported the growth due to the absence of a secured system and decrypted form of data available on the global network of the internet.

However, the US consumers and merchants will hesitate to adopt contactless payment technology until the US banks adopt them. In fact, the small startup based in Sunnyvale, California, XpressTap, is launching its payment platform in Australia, Canada, and Southeast Asia to further simplify POS and online business. The company allows mobile phone transactions with a simple chip card "tap". Merchants and sellers need only one thing that is their phone. It also eliminates the cost, maintenance, and troubles surrounding the separate hardware.

To Request a Sample of our Report on US Contactless Payment Market:  https://www.omrglobal.com/request-sample/us-contactless-payment-market

 US Contactless Payment Market Segmentation

 By Device

·        Smartphones

·        Smart Cards

·        Point of Sale Terminals

·        Other 

By End-User

·        Retail

·        BFSI

·        Transportation

·        Others

A full Report of US Contactless Payment Market is Available at:  https://www.omrglobal.com/industry-reports/us-contactless-payment-market

Company Profiles

·        Bank of America Corp.

·        Garmin Ltd.

·        Glance Technologies Inc.

·        Heartland Payment Systems

·        IBM Corp.

·        PayPal, Inc.

·        Setomatic Systems Inc.

·        Square Capital LLC

·        Thales Group

·        Valitor HF

·        Verifone, Inc.

·        Visa Inc.

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About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

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