India Contactless Payment Market By Indian Industry Size, Share, Trends, Opportunity and Forecast 2024 - TechSci Research
India contactless payment market is expected to grow at a substantial rate during the forecast period. Contactless payment is referred to payment modes where secure payment transactions are done using technologies like Bluetooth, infrared, radio frequency identification and near field communication. When compared to traditional electronic transactions, the contactless payment takes only one-tenth of the time, which makes it hassle-free for the customers. Furthermore, initially the contactless cards were used in the form of travelling tickets only but now it has evolved and is allowing the consumers to make payments for almost anything. Consequently, India contactless payment market is expected to witness high traction during the forecast period. However, security issues related to technology and difficulties regarding replacement of POS terminals can act as a major impediment to the growth of India contactless payment market in the coming years. Based on component, the contactless pay...