In February 2024, Apple announced that it is empowering business to accept contactless payment system through Tap to Pay on iPhone. This innovative feature will make the business to accept payments directly on their iPhones. It doesn’t need any additional hardware or payment terminals. With Tap to Pay, businesses can make the use of their iPhone to accept contactless payments. It includes credit and debit cards, Apple pay, and other digital wallets.
This is considered as a significant expansion of Apple’s payment abilities. It provides secure, convenient, and easy-to-use payment methods. Tap to Pay on iPhone is designed to provide seamless and intuitive experience. It allows the business to focus on what matters most-serving their customers. The feature is also secure, by making the use of same technology that powers Apple Pay to protect transactions.
By empowering businesses to accept contactless payment through Tap to Pay on iPhone. Apple is further democratizing to access payment through new technologies. This move is expected to be particularly beneficial for small businesses, entrepreneurs, and independent sellers. It is beneficial for those who can now accept payments with ease and convenience. With the Tap to Pay, Apple is once again revolutionizing the way businesses interact with its customers.
As per the Coherent Market Insights, the global contactless payment market is set to experience a CAGR of 13.2% between 2022 and 2030. In 2030, the revenue generated is expected to reach at total of US$ 36,929.05 million from US$ 12,316.5 million. Increasing usage of digital payment option will drive demand during the forecast period. To encourage people to opt digital payment methods emerging economies are easing their tax policies and provide loyalty to the customers.
The payment industry is shifting to the EMV cards to enhance security and fine control over offline transaction. This is expected to be another reason fuelling growth of contactless payment market. These payment system provide high security as compared to the cash payment systems.
As the payment industry is shifting towards the contactless payment methods including Samsung Pay, Google Pay, and other. The contactless payment companies are protecting user from fraud to provide seamless experience like Omni Channel.
It improves card security through EMV and offers loyalty on payment, and cardholder verification methods to verify user identity. It is expected will increase demand for contactless payments market. All the features provide customer security, better tracking of expenses, and cashless experience. These factors is projected to drive growth in the global market.
Europe is projected to hold dominant position in the global contactless payment market during the forecast period. This due to the rising penetration of enhanced technologies and smartphones. It is expected to hold around 42.8% shares in the global contactless payment market by 2030.
