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New Jersey, United States, – The Contactless payment transaction market report contains the most basic information on the market. This comprehensive report offers insights into the market, models and drivers of business growth. It also includes contactless payment transactions market share, sales volume and education charts. He was able to combine important and additional information, such as commitments from market leaders, into a well-designed report. The Contactless Payment Transactions Market report is an essential view of strategies and insights. It is mainly aimed at business leaders. The primary objective of this Contactless Payment Transactions report is to provide industry knowledge and help our clients achieve natural growth in their respective fields. The Contactless Payment Transactions report also shows a new upward trend which includes market conditions and market forecast 2021-2028.

The contactless payment transactions market was valued at USD 11.26 billion in 2018 and is expected to reach USD 55.97 billion by 2026, with a CAGR of 22.08% from 2019 to 2026.

This study presents the principles of the Contactless Payment Transactions market: regional definitions and analyzes, software and business review, industry strategies and guidelines, product specifications, production methods, price agreements, etc. The report concludes with an assessment of SWOT contactless payment transactions, Assessment of investment feasibility and assessment of return on investment.

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The report has conducted extensive research on the market segments and sub-segments and clarified which market segment will dominate the market during the forecast period. To assist clients in making informed decisions about company investment plans and strategies in the Contactless Payment Transactions market, the report includes detailed information on regional market performance and competitive analysis.

The report covers an in-depth analysis of the major market players in the market, along with their business overview, expansion plans, and strategies. The major players studied in the report include:

Barclays Bank PLC, Ingenico Group, Wirecard AG, VeriFone Proxama PLC, Gemalto NV

Segmentation of the contactless payment transaction market

Contactless payment transaction market, by payment method

• Contactless card
• Portable devices
• Contactless mobile payment

Contactless Payment Transactions Market, By End Use

• Retail
• Media and entertainment
• Hospitality
• Health care
• Others

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Scope of Contactless Payment Transactions Market Report

Geographic segment covered in the report:

The Contactless Payment Transaction report provides information about the market area, which is further subdivided into sub-regions and countries / regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region during the estimated period.

• The Middle East and Africa (GCC countries and Egypt)
• North America (United States, Mexico and Canada)
• South America (Brazil etc …)
• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• Asia Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia)

Key questions answered in the report:

• Who are the main global players in this contactless payment transaction market?
• What is their company profile, their product information, their contact details?
• What was the global market status of the market?
• What was the capacity, production value, cost and profit of the market?
• What are the projections of the global industry taking into account the capacity, output and production value?
• What will the cost and profit estimate be?
• What will be the market share, supply and consumption?
• What is the market chain analysis by upstream commodity and downstream industry?
• What are the market dynamics of the market?
• What are the challenges and opportunities?
• What should be the entry strategies, the countermeasures to the economic impact, the marketing channels for the industry?

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Nowadays, the usual methods of authenticating users on portals, corporate systems, VPNs, etc. are all familiar to us.

We all know about authentication factors (what you know, what you have, and what you are), two-factor authentication, multi-factor authentication, how to implement these factors, and much more.

When it comes to payment transactions, there are many hidden pitfalls, as there are a series of fundamental differences between a normal application in a business, for example, and a payment system like a plastic card, an e-wallet, etc. .

Let’s see this in more detail.

When it comes to enterprise level authentication, we can find many proven solutions to solve the problem; protocols (such as Active Directory, SAML, RADIUS, OpenID, OAuth, a set of RFCs or a set of ISO standards), vendor specifications, software and hardware to facilitate vendor authentication, as well as software and hardware that can communicate with these providers.

Another topic of discussion concerns client authentication devices, such as tokens, MAC calculators, smart cards, NFC rings, fingerprint scanners, etc.

This huge market always tries to stay organized and create intercompatible solutions. This is great, because you can get an enterprise-level application (for example, an e-doc system) and link it to your users’ directory through Identity Management (IdM) and with various authentication methods. via a Single Sign-On (SSO) system.

The SSO system will cover your authentication requirements, while the IDM will manage users and authentication factors. It doesn’t matter which supplier provides these components for you. All will work with standardized protocols.

Learn about the different payment transaction authentication methods

The issue of a payment infrastructure is, however, much more complex. I see two main reasons for this. The first is that user management is totally different from traditional applications. The second is that there is no standard for authenticating a user or a user’s transaction through the processing of payment transactions.

As a result, each financial company (bank, fintech, e-wallet, investment platform, etc.) must invent something according to its own vision and its own risks.

Let’s say you are a regular bank. If we ignore features like the open API then you are giving two main options for a user to spend their money; using a payment card and via a remote banking system with mobile banking, online banking, etc.

When it comes to offline payments with a card, there is no problem. You work with point of sale terminals via a payment system such as Visa or Mastercard. The payment process is completely transparent and secure.

In the case of a cardless transaction (such as in e-commerce), then in accordance with the requirements of Verified-By-Visa and those of similar services, you, as the card issuer, must authenticate the cardholder. the map.

The transaction will be processed by specialized card processing infrastructure and software. It is usually a separate division of a bank with its own rules that combine the requirements of the payment system such as those of Visa and internal risk management.

These rules, infrastructures and software provide a very limited range of transaction authentication mechanisms. Usually one of the following is used; card PIN, a separate static PIN, one-time password (OTP) via SMS, or one-time password via push notification.

User password privacy concept, technology photo created by rawpixel.com – www.freepik.com

Can you manage the authentication methods? No. Can you use anything better and more secure than texting? No. Can you ask a treatment provider to cover your needs? Yes, but be prepared to pay. Without any guarantee. Compare that with enterprise apps and you will see the difference.

You might be asking yourself, do I really need to change something? Maybe things are going well the way they are? Let’s see.

Using a card’s PIN code to authenticate an Internet payment transaction is not a good idea. It can be diverted at many points on its way from the user to where it is being processed.

There are many tools and techniques for doing this; keyloggers, man-in-the-middle attacks, man-in-the-browser attacks, Trojans, exploits, etc. I don’t think there is any need to explain why card pin theft is a bad thing.

A separate static PIN has the same vulnerabilities, but at least the card PIN will not be stolen and the card will not be used offline by the perpetrator.

The disadvantages of an OTP via SMS have been discussed several times. It is not secure at all as it has a large number of technical and technological vulnerabilities and can be hijacked using social engineering, phishing, etc.

In addition, it is extremely expensive. And what’s more, its use is increasingly banned in more and more countries due to its drawbacks.

An OTP via push notification has the same disadvantages from a technical and technological point of view. It is, however, inexpensive.

How do you choose an authentication method for your organization?

Going forward, you have several options for setting up your remote banking system.

The first option is to build it around card processing. In this case, you will have all the authentication issues, eg security and maintenance, from the previous paragraphs.

You will become hostage to slow, very exclusive and expensive processing providers, rules of payment systems like Visa or Mastercard, etc. Forget about modern and practical services.

The second option is to create a remote banking system to your own specifications. Using modern techniques, it can be a set of back-end services and a front-end solution.

In this case, you can configure the transaction processing flow as you wish, with transaction authentication following your own rules. Of course, you can find solutions like this from trusted vendors.

If a vendor’s solution or your own internal solution allows, you can integrate IdM and SSO into your remote banking system and additional services.

I think if you could choose a payment transaction authentication method, you wouldn’t choose an insecure and expensive method with many known issues like SMS messages or a static PIN.

From my perspective, the best solution for payment transactions is to use mobile-centric confirmation solutions like PayConfirm. It has a very high level of security, is cheaper than SMS, and is much more convenient for users.

If we continue to imagine that you are a bank, you might of course prefer to combine the transaction authentication methods for cardless transactions and for a remote banking system.

Yes, you can take the simpler route and make all your systems just as bad as the worst component of it (card processing, for example). Another way, however, is to push treatment providers to meet your needs.

Such requests may dictate authentication standards, as in the corporate sector. It will be good for everyone involved: financial institutions, security providers, end users, support companies, etc.

Thus, the position of a bank is not very convenient in terms of authentication of payment transactions. But fintechs, e-wallets and other financial institutions don’t have the same restrictions as a bank.

This means they can use modern, mobile-centric solutions that are cost effective, secure and convenient for end users.

Featured image credit: tech photo created by rawpixel.com – www.freepik.com

BASINGSTOKE, England, August 31, 2021– (BUSINESS WIRE) – A new study from Juniper Research has found that the transaction value of B2B cross-border payments of all payment types will exceed $ 42.7 trillion in 2026, up from $ 34 trillion in 2021. The research identified this growth of over 25% is driven by the growing popularity of e-commerce markets, which are generally cross-border in nature.

Research has identified that the B2B cross-border payments market is highly fragmented, with payments being slow, expensive, and difficult to track. As cross-border e-commerce accelerates, B2B payments must keep pace, with the use of automation, instant payment rails and solutions such as virtual IBANs, which enable the acceptance of payment options. local, essential to future success.

For more information, download the free white paper: Breaking the deadlock for innovation in B2B payments

Blockchain has potential, but development is needed

The new research, B2B Payments: Key Opportunities, Vendor Strategies, and Market Forecast 2021-2026, found that blockchain plays an important role in B2B cross-border payments, with services such as B2B Visa Connection and RippleNet with significant potential. However, the report identified that blockchain is not essential to this process – a network of networks can be built without using blockchain, which means blockchain providers need to focus on unique capabilities, such as traceability and immutability, to make it more attractive for B2B payments than alternatives. .

Research author Nick Maynard explained: “Blockchain is not a silver bullet for the challenges of cross-border payments, but it has an important role to play. For networks, making connections is essential to ensure the best possible reach and appeal in the increasingly globalized B2B payments market. ‘

Bank transfers dominating B2B cross-border payments

Research found that by 2026, 80% of the overall B2B cross-border payment transaction value will be via wire transfers; an increase from 70% in 2021. Instant payments will represent a relatively small proportion of B2B wire transfers, at 22% of these in value in 2026.

The story continues

Research recommends that until cross-border instant payments are ubiquitous, payment providers should fill in the gaps by ensuring that alternative and manageable methods, such as virtual cards, are available to businesses.

B2B Payments Market Research: https://www.juniperresearch.com/researchstore/fintech-payments/b2b-payments-research-report

Download the white paper: https://www.juniperresearch.com/whitepapers/breaking-the-innovation-stalemate-in-b2b-payments

Juniper Research provides research and analysis services to the global high-tech communications industry; providing advice, analyst reports and industry commentary.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210830005018/en/

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