Germany contactless payment market is anticipated to grow at a CAGR 15.4% during the forecast period. Germany is one of the leading markets for ICT (Information and Communication Technologies) sector. Well-established ICT sector supports the number of opportunities for ICT market players to emerge in advanced technologies such as digital payment services. Major IT sector companies such as IBM, Google, Microsoft, and SAP are the leading ICT market players in the country. Due to favorable government policies, Germany has substantial capital investments in the ICT sector.
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The economic and technical policies are focused on the digital economy, e-infrastructure, digital public administration, and internet-oriented workplace, the involvement of internet services in finance, education, science, and research. Security, protection, speed, and transparency through internet services are adding a significant amount of government’s efforts in the digitalization. Policies such as GDPR (General Data Protection Regulation) and EU Digital Single Market are continuously increasing demand for ICT market. According to the US Department of Commerce, Germany’s ICT market is valued at $211 million in 2017 with an increase of 6% as compared to 2016.
Therefore, with the emergence of the digital economy in the country, the demand for secure and fast financial services is increasing. NFC-based payments are considered as a reliable and secured method for financial transactions. However, with the digital economy, the number of cyber threats is estimated to increase substantially. Therefore, cyber threats act as a challenge in the adoption of digital payment methods. Despite the challenges, contactless payments require smart gadgets such as smartphones, smart watches, smart cards, and others, thus, the source of payment is easily available in the country as German population is highly exposed to the smart devices.
The key market player’s active in the European contactless payment market includes GIESECKE+DEVRIENT GMBH, Gemalto NV, IBM Corp., Infineon Technologies AG, Ingenico Group SA, Prepay solutions, Thales Group, Wirecard AG, VISA, INC and Verifone Systems, INC.
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Germany Contactless Payment Market Segmentation
By Device
- Smartphones
- Smart Cards
- Point of Sale Terminals
- Other
By End-User
- Retail
- BFSI
- Transportation
- Others
