The North American contactless payment market is anticipated to grow at a CAGR 15.9% during the forecast period, according to Research and Markets

With the presence of technology giants such as Apple, Google, and Amazon, the development of contactless payment-based platform is blossoming. Research and Markets says software companies are investing in significant workforce and money to develop a platform that’s more secure and more transparent compared to other modes of payment.

Smart payments are the future collaterals of the business, which are directing the economy towards the transparent mode of operation, adds the research group. The companies already in the IT industry are leveraging their efforts to support the adoption of the contactless payment platform. 

Research and Markets says these companies are coming forward to collaborate with various financial institutions to develop “robust, secure, transparent and decentralized platform due to growing challenges of cyber-crimes particularly across the market.”The collaborations are the result of the evolution of new mode of payments. For instance, demand for online payment has been increased among various financial institutions due to faster payment methods.