The COVID-19 pandemic has changed many things across the world. One of these is the way people bank. As people still hesitate to visit banks personally, they have adopted contactless banking as a new way of life. Contactless banking is based on RFID or NFC (Near Field Communication) technology. It can be performed in various forms including credit and debit cards, smartphones, smart cards, key fobs or other devices, including wearables. The smart card or contactless card is by far the most adopted means of payment across the world and as per a recent report, the global market for smart cards is expected to reach $65 billion by 2025.
Popular across many countries
Contactless banking is already the preferred choice of payment in many countries like the UK, Spain, France, Australia and other eastern European countries. The system is being slowly adopted in the US since the last 8 months.
Gives customers choice to make transactions
Contactless banking offers customers the choice to make their payments using the newly introduced bank’s applications. They can download the banks’ UPI app for seamless, swift and socially distant transactions. A few other benefits of contactless banking include:
Doubles customers’ transaction speed
With contactless banking, customers can make their payments within 15 seconds as time required for processing and handling of cash is reduced. Also, contactless banking does not ask customers’ their pin numbers; ensuring the privacy of their transactions
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Protects against frauds
Contactless banking protects customers from banking frauds by giving them the power to freeze their accounts in case of loss of cards. A built-in protection system prevents repetition of the same transaction by accident. The system uses unique numbers for transactions which ensures that the details and numbers linked to the card cannot be decrypted. Also, the customer is protected from larger, unauthorized purchases made from his account by setting a small limit on the card.
Offers a safe and convenient way of banking
Contactless banking does not require customers to use their cards from their wallets. They can simply connect the NFC technology used in this process with their phones and connected accessories such as watches or rings. This makes the payment process easier for the customer.
Enhances customers’ overall banking experience
Contactless banking helps shops improve their service to customers and increase the average transaction value (ATV). Shops do not need to print out a receipt on authorisation unless asked for by the customer or if the transaction is of a higher value. This reduces the customers’ transaction time.
Helps banks tap VIP clientele
Contactless banking enables banks to enhance their customer experience. They can also differentiate themselves from their competitors by offering added-value services. New upmarket contactless smartcards introduced in the market such as metal cards can help them tap more VIP and wealthy clientele.
The COVID-19 outbreak has made contactless banking absolutely essential for customers in India. We hope the above mentioned benefits encourage you to adopt contactless banking for all your banking transactions in daily life.
Contactless Banking : Get an instant online bank account number & CRN (Customer Registration Number) so you can start banking immediately on the Kotak 811 app.
A contactless smart card is a contactless credential whose dimensions are credit-card size.
Its embedded integrated circuits can store (and sometimes process) data and communicate with a terminal via NFC.
Commonplace uses include transit tickets and passports.The major revenue contributing areas in the APAC include China, Japan, South Korea, Malaysia, and Australia.
Factors such as the transition of payment cards from magnetic stripe to Europay, MasterCard, and Visa and the increasing acceptance of contactless banking and financial smart cards among end users is envisaged to contribute to the growth of this market in the region.This report presents the worldwide Contactless Smart Cards in Banking market size (value, production and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type and application.
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter’s Five Forces Analysis.Ask for PDF Sample Copy: https://www.orbisresearch.com/contacts/request-sample/2559182Geographically, global Contactless Smart Cards in Banking market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players includingGemaltoGiesecke & DevrientOberthur TechnologiesSafranWatchdataMorphoSonyInfineon TechnologiesNXP SemiconductorsCardLogixAdvanced Card SystemsSpringCardSecura KeyDataCardContactless Smart Cards in Banking Breakdown Data by TypeRFIDRFICContactless Smart Cards in Banking Breakdown Data by ApplicationAccess ControlPaymentIdentificationOthersGet Reasonable Discount: https://www.orbisresearch.com/contacts/discount/2559182This report includes the estimation of market size for value (million USD) and volume (K Units).
Both top-down and bottom-up approaches have been used to estimate and validate the market size of Contactless Smart Cards in Banking market, to estimate the size of various other dependent submarkets in the overall market.
The IoT Technology Market is expected to grow from USD 176.00 Billion in 2016 to USD 639.74 Billion by 2022, at a CAGR of 25.1% during the forecast period.
Major drivers for the growth of the IoT technology market are the increasing adoption of cloud platforms, the declining cost of smart sensors, and increasing investments by major giants of this industry in the IoT market.The IoT technology market has been segmented into node component, network infrastructure, software solution, platform, and service.
The software solution segment held a major share of the market in 2016.
The significant growth in the number of connected devices and the requirement for data storage and analysis are the key factors leading to the dominance of this segment.Get PDF Brochure: https://www.marketsandmarkets.com/requestsampleNew.asp?id=258239167The IoT technology market for the BFSI end-use application is expected to grow at the highest CAGR from 2017 to 2022, followed by building automation.
The mass adoption of online banking, contactless payment, and mobile banking apps has increased significantly.
Banks are trying to create intelligent and personalized customer cross-selling opportunities, which would drive the market of IoT technology.Target Audience:Raw material and manufacturing equipment suppliersSemiconductor wafer vendorsFabless playersEDA and IP core vendorsFoundry playersOriginal equipment manufacturers (OEMs)Original design manufacturers (ODM) and OEM technology solution providersDistributors and retailersResearch organizationsTechnology standard organizations, forums, alliances, and associationsTechnology investorsOperating system (OS) vendorsContent providersSoftware providersThe companies profiled in this report are Intel (US), QUALCOMM (US), Texas Instruments (US), International Business Machines (US), STMicroelectronics (Switzerland), General Electric (US), Hewlett Packard Enterprise (US), Cisco Systems (US), Microsoft (US), Amazon Web Services (US), Symantec (US), PTC (US), and Alphabet (US).
