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Asia-Pacific (APAC) Contactless Payment Market Size Forecast, Projected To Garner Significant Revenues By 2030

Asia-Pacific Contactless Payment Market is projected to grow at an impressive CAGR of 22.4% during 2022-2028


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Shambhavna jain

a year ago | 5 min read

Asia-Pacific (APAC) Contactless Market is flourishing owing to contactless payment solutions enhanced ability to provide value-added services and growth as an efficient alternative to cash-based payments, coupled with the booming usage of mobile internet.

Report Ocean, a leading strategic consulting and market research firm, in its recent study revealed that the Asia-Pacific Contactless Payment Market is projected to grow at an impressive CAGR of 22.4% during 2022-2028. The market is expected to be driven by continuous technology advancements in contactless payment services, such as the integration of Artificial Intelligence (AI) to retain information of buying behavior, rewards applied, and give payment solutions to retailers.

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Rising Demand for Contactless Payment Technology and Solutions

The increase can be attributed to the increasing use of digital payment platforms in APAC. Consumers nowadays strive to make smooth payments for a variety of their regular transactions. Furthermore, market expansion is expected to be fueled by rising expectations for secure and integrated payment methods for any service or product. The industry is expected to rise as the convenience of low-value payments offered by contactless payment solutions improves. Advertisement campaigns emphasizing the convenience and speed of contactless payment encourage cardholders to use these solutions. Merchant establishments that sell low-value products like snacks and drinks commonly use these solutions. Card issuers are gradually integrating contactless technology into their payment cards.

Segmental Coverage

Asia-Pacific Contactless Payments Market – By End User

Because of the increased propensity toward digitalization for quick transaction services, the BFSI end-user segment is expected to continue to witness significant market expansion during the forecast period. Several banks are promoting contactless payment systems by offering rewards, loyalty points, and other incentives, as well as integrating other mediums to expand their user base and obtain a competitive advantage in the industry. In the coming years, however, the Retail segment is expected to lead the market with the highest share. Because of the expanding consumer demand for in-store purchasing, the number of retail establishments is rapidly increasing across countries, especially in urban regions.

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Impact of Covid-19 on Asia-Pacific Contactless Payment Market

Many APAC countries recorded a significant economic deceleration as a result of the Covid-19 pandemic. During the crisis, however, the Contactless Payment Market experienced a surge. To stop the virus from spreading, governments implemented rigorous movement restrictions and frequent lockdowns. Despite this, convenience stores and pharmacies were allowed to stay open. Because of the severity of the pandemic, people were afraid of the virus spreading, therefore they were afraid of touching items, including banknotes. As a result, economies have seen a shift in transaction modes, with a growing preference for contactless payments. People working from home also showed a rapid increase in online shopping, utilizing such payment methods as QR codes and tap to pay using Near Field Communication (NFC), which stimulated demand for transaction mediums like QR codes, tap to pay using NFC, and so on. Furthermore, despite the continuous decrease in the number of Covid-19 incidents, a majority of consumers continue to use contactless payment methods to ensure safety and sanitation. As a result, throughout and even after the pandemic, the APAC Contactless Payment Market is expected to grow rapidly.

Regional Insights

The APAC Contactless Payment Market covers major economies, including India, China, Singapore, Southeast Asia, Australia, Japan, South Korea, and Malaysia. The market in India is expected to increase rapidly, owing to the rapid use of contactless payment methods, particularly since the government implemented demonetization. Furthermore, the public is encouraged to use such payments by the Covid-19 pandemic and the issues linked with its proliferation. In addition, many government measures to encourage digitalization across the country are expected to drive market growth.

China, on the other hand, is predicted to gain the highest market share during the forecast period, as a result of its massive population embracing smartphones, as well as growing e-commerce, online shopping, and the availability of new payment alternatives.

Competitive Landscape

Alipay, Grabpay, Renesas Electronics Corporation, Paytm, Verifone Systems, Inc., Rakuten Pay, INSIDE Secure, Ingenico Group S.A., Gemalto NV, Heartland Payment Systems, IBM Corp., Infineon Technologies AG, Valitor HF, Wirecard AG, and Visa Inc., are among the key players with a significant market share in the APAC Contactless Payment market.

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Market Segment:

By Solution (Payment Gateways, Payment Processing, Payment Security, Fraud Management, Point Of Sale, Payment Wallet)

By Services (Professional Services, Managed Services)

By Deployment (Cloud-Based, On-Premises)

By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises (SMES))

By End User (BFSI, Retail And Ecommerce, Healthcare, Travel And Hospitality, Media And Entertainment, It And Telecom, Others)

By Country (China, India, Japan, South Korea, Malaysia, Thailand, Rest Of Asia-Pacific)

Dont miss the business opportunity in the Asia-Pacific Contactless Payment Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam X-Ray Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam X-Ray Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Content:

  • Report Overview
  • Global Growth Trends
  • Competition Landscape by Key Players
  • Data Segments
  • North America Market Analysis
  • Europe Market Analysis
  • Asia-Pacific Market Analysis
  • Latin America Market Analysis
  • Middle East & Africa Market Analysis
  • Key Players Profiles Market Analysis
  • Analysts Viewpoints/Conclusions
  • Appendix

Key Reasons to Buy this Report:

  • Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
  • This allows you to expect market adjustments to continue to be in advance of your competitors
  • You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
  • The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
  • Provision of market cost (USD Billion) records for every phase and sub-segment
  • Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
  • Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
  • Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
  • Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
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  • Includes in-depth evaluation of the market from quite a number views via Porter’s 5 forces analysis
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  • Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

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