Smart Payment Systems Market, By Type (Internet Payment, Mobile Payment, and Phone Payment), By End-user (Retail, BFSI, Healthcare, Transportation, Entertainment & Media, and Other), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Feb 2025

Code : CMI7457

Pages :160

Formats :

Excel and PDF

Industry : Semiconductors

Market Challenge - Security and privacy concerns

One of the key challenges faced by the global smart payment systems market is security and privacy concerns. As digital and contactless payments become more prevalent, there are growing fears around the safety of financial and personal data. The European Union's General Data Protection Regulation (GDPR) mandates stringent rules for collection and processing of personal data. However, as per a 2022 report by European Data Protection Supervisor, only 6% of the largest EU-based fintech firms were found fully compliant with GDPR. Data breaches have also eroded consumer trust in the data protection capabilities of payments companies such as Google Pay, Apple Pay, and Samsung Pay.

Market Opportunity - Integration of Biometrics with Payment Apps

One of the major opportunities for the global smart payment systems market is the integration of biometrics with payment applications. Government initiatives are also driving the adoption of digital payments and associated security technologies. India's digital payment network UPI saw over 4.2 billion transactions in May 2022 alone according to data from the National Payments Corporation of India. The government actively promotes cashless payments through incentive schemes and infrastructure investments.