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The app started with UPI, then added the option to allow users to add credit cards.

When at an NFC-enabled payment terminal, information is passed back and forth between the terminal and the payment device in an encrypted manner, until the payment is complete.Google Pay is arguably one of the most popular payment apps in the world.

A specialised version of RFID, NFC uses a specific RFID frequency to ensure accuracy and enable close-range interaction between two devices. Utilizing a short-range wireless technology, NFC, tap to pay enables secure payments processing by tapping or hovering over a payment terminal with either a contactless chip-enabled card, payment-enabled mobile, or wearable device, eliminating the need to touch a payment terminal. When it comes to device types for said terminals, these include smartphones and wearables, smart cards, and point-of-sale (POS) terminals. Being devices that facilitate electronic fund transfers in a contactless manner, the contactless payment terminal systems can be used by the customer by tapping their payment card near a terminal that is equipped with this technology. The contactless payment terminals market comprises of contactless payment products and services sales by entities facilitating a secure payment method utilising a debit or credit card, smartcard, or another payment machine through means of radio-frequency identification (RFID) technology and near-field communication (NFC). In addition, the market is believed to reach USD 43.42 billion in 2026, at a CAGR of 21.8%. Furthermore, as per information provided by TechCrunch, US based consumers will be enabled to have PayPal and Venmo network-branded credit cards loaded to the Apple Wallet and used with Apple Pay in 2023.Īs per the Research and Markets ‘ Contactless Payment Terminals Global Market Report 2022’ the market is expected to grow at a global scale to USD 19.74 billion in 2022 at a compound annual growth rate (CAGR) of 21.4%, from the USD 16.25 billion in 2021. PayPal is working on a few separate Apple-related programmes apart from Tap to Pay, the fintech having stated that Apple Pay will be added as a payment option for its unbranded checkout flows on merchant platforms, including the PayPal Commerce Platform.