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Contactless Payment Cards: Sizing the Opportunity

Published By :

Verdict Financial

Published Date : Feb 2014

Category :

Cards & Payments

No. of Pages : 25 Pages

Summary
This report illustrates both current and forecast issuance of contactless cards in the major global payment card markets. Additionally it delves into consumer attitudes towards contactless adoption and usage based on Verdict Financial's survey of card holders from each of the markets covered.


Synopsis
Illustrates where global contactless card penetration currently stands and provides a forecast to 2016.
Understand how to drive consumer awareness of contactless and what prompts them to adopt contactless cards.
Understand the issues that stop card holders from adopting contactless payment cards and how to encourage adoption.

ReasonsToBuy
How will global contactless payment card penetration develop in the next few years?
What are card holders' opinions of contactless payment cards?
What should be done to promote awareness of contactless cards and encourage adoption?

Key Highlights
According to Verdict Financial's forecast of contactless payment card issuance, penetration will grow at an even greater rate over the next few years. By 2016 it is forecasted that over 50% of card holders will own a contactless card. The forecast model covers 21 different countries where contactelss adoption is growing swiftly.

From Verdict Financial's survey of 27,000 card holders, the penetration of contactless cards is highest among younger consumers and the upper income band of card holders. The survey also illustrates card holder views and usage of contactless payment cards.

60.8% of payment card holders are still unaware or wary of using contactless, meaning issuers and schemes have much to do to increase uptake. One of the main reasons consumers refrain from adopting contactless cards is due to security concerns, in particular the fact that there is no identity verification required for contactless transactions.

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