Asia-Pacific Contactless Payment Market Poised for 22.4% CAGR Growth till 2028

The Asia-Pacific (APAC) Contactless Payment Market is thriving due to the enhanced value-added services offered by contactless payment solutions, serving as a convenient substitute for cash-based transactions. This expansion is further fueled by the widespread usage of mobile internet in the region.

According to a recent study by Report Ocean, a premier strategic consulting and market research firm, the Asia-Pacific Contactless Payment Market is forecasted to grow impressively at a CAGR of 22.4% from 2022 to 2028. The market’s momentum is propelled by continual technological advancements in contactless payment services, including the integration of Artificial Intelligence (AI) to retain purchasing behavior information, apply rewards, and offer payment solutions to retailers.

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Surging Demand for Contactless Payment Solutions

The market’s growth can be attributed to the escalating use of digital payment platforms across APAC. Consumers increasingly seek smooth and hassle-free payment options for their routine transactions. Moreover, market expansion is expected to surge with the rising demand for secure and integrated payment methods for various services and products. The industry anticipates growth as contactless payment solutions continue to improve the convenience of low-value payments. Advertising campaigns emphasizing the ease and swiftness of contactless payment encourage cardholders to adopt these solutions, commonly used in establishments selling low-value items like snacks and beverages. Card issuers are gradually integrating contactless technology into their payment cards.

Segmentation Overview

Asia-Pacific Contactless Payments Market – By End User

The BFSI segment, with its inclination towards digitalization for quick transaction services, is anticipated to witness substantial market expansion. Several banks are promoting contactless payment systems by offering rewards, loyalty points, and other incentives while incorporating various mediums to expand their user base and gain a competitive edge. However, in the coming years, the Retail segment is projected to lead the market with the highest share. The burgeoning number of retail establishments, particularly in urban areas, is driven by expanding consumer demand for in-store purchases.

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

The Covid-19 pandemic led to significant economic downturns in many APAC countries. Despite this, the Contactless Payment Market experienced a surge during the crisis. Strict movement restrictions and frequent lockdowns imposed by governments to contain the virus allowed convenience stores and pharmacies to remain operational. Fear of virus transmission through physical contact, including banknotes, led to a shift in transaction modes, favoring contactless payments. People working from home contributed to a rapid surge in online shopping, driving the demand for transaction mediums like QR codes and tap-to-pay using Near Field Communication (NFC). Even post-pandemic, the majority of consumers continue using contactless payment methods for safety and sanitation, driving rapid growth in the APAC Contactless Payment Market.

Regional Insights

Covering major economies such as India, China, Singapore, Southeast Asia, Australia, Japan, South Korea, and Malaysia, the APAC Contactless Payment Market is expected to witness rapid growth in India. The rapid adoption of contactless payment methods, especially since the government’s implementation of demonetization, and the encouragement by the Covid-19 pandemic are contributing factors. Government initiatives promoting digitalization across the country are also expected to fuel market growth.

Meanwhile, China is poised to gain the highest market share during the forecast period due to its large smartphone-embracing population, thriving e-commerce, online shopping, and the availability of new payment alternatives.

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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.

Market Overview

Market Size & Forecast by Value, 2018-2028

By Value (USD Million)

Market Share & Forecast

By Component

Solution

Payment Gateways

Payment Processing

Payment Security

Fraud Management

Point of Sale

Payment Wallet

Services

Professional Services

Managed Services

By Deployment

Cloud-Based

On-Premises

By Organization Size

Large Enterprises

Small and Medium 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

Rest of Asia Pacific

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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Seizing Business Opportunities

For businesses eyeing opportunities in the thriving Asia-Pacific Contactless Payment Market, consulting analysts can offer crucial insights. Understanding market potential, upcoming trends, and statistical data aids informed decision-making, leveraging growth prospects in this rapidly expanding market.

Table of Contents:

• 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 Purchase this Report:

• Strategic Direction


• Comprehensive Analysis


• Growth Opportunities


• Competitive Landscape


• Detailed Company Profiles


• Future Market Outlook


• Industry Analysis


• Value Chain Insights

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