The North American contactless payment market is anticipated to grow at a compound annual growth rate [CAGR] of 15.9% through 2025, according to Research and Markets.
The presence of tech giants such as Apple, Google, and Amazon propels the growth of the North American contactless payment market. Research and markets says software companies are investing in significant workforce and money to develop a platform that is more secure, more transparent as compare to other mode of payment and operates with decentralized authority.
Smart payments are the future collaterals of the business, which are directing the economy towards the transparent mode of operation, adds the research group. Well-established IT industry of the region supports the development of technology. Research and Markets says the companies that are already in the IT industry are leveraging their efforts to support the adoption of the contactless payment platform. The 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, according to Research and Markets