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Asia-Pacific Contactless Payment Market, 2028 - By Solution ; Services ; By Deployment ; By Organization Size ; By End User ; By Country, Trend Analysis, Competitive Market Share & Forecast, 2018-2028

Published: | Blueweave Consulting & Research Private Limited | 123 Pages | Delivery time: 2-3 business days

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Asia-Pacific Contactless Payment Market, 2028 - By Solution ; Services ; By Deployment ; By Organization Size ; By End User ; By Country, Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Published: July 29, 2022
Blueweave Consulting & Research Private Limited
Content info: 123 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents
  • List of Tables

Asia-Pacific Contactless Payment Market to Grow at a Robust CAGR of 22.4% until 2028

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.

BlueWeave Consulting, 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.

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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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.

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Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Product Overview
  • 1.3. Market Segmentation

2. Research Methodology

  • 2.1. Qualitative Research
    • 2.1.1. Primary & Secondary Research
  • 2.2. Quantitative Research
  • 2.3. Market Breakdown & Data Triangulation
    • 2.3.1. Secondary Research
    • 2.3.2. Primary Research
  • 2.4. Breakdown of Primary Research Respondents, By Region
  • 2.5. Assumption & Limitation

3. Executive Summary

4. Asia-Pacific Contactless Payment Market Insights

  • 4.1. Industry Value Chain Analysis
  • 4.2. DROC Analysis
    • 4.2.1. Growth Drivers
    • 4.2.2. Restraints
    • 4.2.3. Opportunities
    • 4.2.4. Challenges
  • 4.3. Technological Advancement/Recent Development
  • 4.4. Regulatory Framework
  • 4.5. Porter's Five Forces Analysis
    • 4.5.1. Bargaining Power of Suppliers
    • 4.5.2. Bargaining Power of Buyers
    • 4.5.3. Threat of New Entrants
    • 4.5.4. Threat of Substitutes
    • 4.5.5. Intensity of Rivalry

5. Asia-Pacific Contactless Payment Market Overview

  • 5.1. Market Size & Forecast by Value, 2018-2028
    • 5.1.1. By Value (USD Million)
  • 5.2. Market Share & Forecast
    • 5.2.1. By Component
      • 5.2.1.1. Solution
      • 5.2.1.1.1. Payment Gateways
      • 5.2.1.1.2. Payment Processing
      • 5.2.1.1.3. Payment Security
      • 5.2.1.1.4. Fraud Management
      • 5.2.1.1.5. Point of Sale
      • 5.2.1.1.6. Payment Wallet
      • 5.2.1.2. Services
      • 5.2.1.2.1. Professional Services
      • 5.2.1.2.2. Managed Services
    • 5.2.2. By Deployment
      • 5.2.2.1. Cloud-Based
      • 5.2.2.2. On-Premises
    • 5.2.3. By Organization Size
      • 5.2.3.1. Large Enterprises
      • 5.2.3.2. Small and Medium Enterprises (SMEs)
    • 5.2.4. By End-User
      • 5.2.4.1. BFSI
      • 5.2.4.2. Retail and Ecommerce
      • 5.2.4.3. Healthcare
      • 5.2.4.4. Travel and Hospitality
      • 5.2.4.5. Media and Entertainment
      • 5.2.4.6. IT and Telecom
      • 5.2.4.7. Others
    • 5.2.5. By Country
      • 5.2.5.1. China
      • 5.2.5.2. India
      • 5.2.5.3. Japan
      • 5.2.5.4. South Korea
      • 5.2.5.5. Rest of Asia Pacific

6. China Contactless Payment Market

  • 6.1. Market Size & Forecast by Value, 2018-2028
    • 6.1.1. By Value (USD Million)
  • 6.2. Market Share & Forecast
    • 6.2.1. By Component
    • 6.2.2. By Deployment
    • 6.2.3. By Organization Size
    • 6.2.4. By End User

7. India Contactless Payment Market

  • 7.1. Market Size & Forecast by Value, 2018-2028
    • 7.1.1. By Value (USD Million)
  • 7.2. Market Share & Forecast
    • 7.2.1. By Component
    • 7.2.2. By Deployment
    • 7.2.3. By Organization Size
    • 7.2.4. By End User

8. Japan Contactless Payment Market

  • 8.1. Market Size & Forecast by Value, 2018-2028
    • 8.1.1. By Value (USD Million)
  • 8.2. Market Share & Forecast
    • 8.2.1. By Component
    • 8.2.2. By Deployment
    • 8.2.3. By Organization Size
    • 8.2.4. By End User

9. South Korea Contactless Payment Market

  • 9.1. Market Size & Forecast by Value, 2018-2028
    • 9.1.1. By Value (USD Million)
  • 9.2. Market Share & Forecast
    • 9.2.1. By Component
    • 9.2.2. By Deployment
    • 9.2.3. By Organization Size
    • 9.2.4. By End User

10. Rest of Asia Pacific Contactless Payment Market

  • 10.1. Market Size & Forecast by Value, 2018-2028
    • 10.1.1. By Value (USD Million)
  • 10.2. Market Share & Forecast
    • 10.2.1. By Component
    • 10.2.2. By Deployment
    • 10.2.3. By Organization Size
    • 10.2.4. By End User

11. Competitive Landscape

  • 11.1. List of Key Players and Their Offerings
  • 11.2. Market Share Analysis, 2021
  • 11.3. Competitive Benchmarking, By Operating Parameters
  • 11.4. Key Strategic Development (Merger, Acquisition, Partnership.)

12. Impact of Covid-19 on Asia-Pacific Contactless Payment Industry

13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **

  • 13.1. ACI Worldwide, Inc.
  • 13.2. Adyen Block, Inc.
  • 13.3. Financial Software & Systems Pvt. Ltd.
  • 13.4. Fiserv, Inc.
  • 13.5. Asia-Pacific Payments Inc.
  • 13.6. Novatti Group Ltd
  • 13.7. Pay Pal Holdings, Inc.
  • 13.8. Pay U
  • 13.9. Klarna
  • 13.10. Others

14. Key Strategic Recommendations

List of Figures

  • Figure 1 Asia-Pacific Contactless Payment Segmentation
  • Figure 2 Asia-Pacific Contactless Payment Market Value Chain Analysis
  • Figure 3 Company Market Share Analysis, 2021
  • Figure 4 Asia-Pacific Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 5 Asia-Pacific Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 6 Asia-Pacific Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 7 Asia-Pacific Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 8 Asia-Pacific Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 9 Asia-Pacific Contactless Payment Market Share, By Region, By Value, 2018-2028
  • Figure 10 China Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 11 China Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 12 China Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 13 China Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 14 China Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 15 China Contactless Payment Market Share, By Country, By Value, 2018-2028
  • Figure 16 India Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 17 India Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 18 India Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 19 India Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 20 India Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 21 India Contactless Payment Market Share, By Country, By Value, 2018-2028
  • Figure 22 Japan Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 23 Japan Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 24 Japan Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 25 Japan Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 26 Japan Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 27 Japan Contactless Payment Market Share, By Country, By Value, 2018-2028
  • Figure 28 South Korea Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 29 South Korea Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 30 South Korea Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 31 South Korea Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 32 South Korea Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 33 South Korea Contactless Payment Market Share, By Country, By Value, 2018-2028
  • Figure 34 Rest of the Asia-Pacific Contactless Payment Market Size, By Value (USD Million), 2018-2028
  • Figure 35 Rest of the Asia-Pacific Contactless Payment Market Share, By Component, By Value, 2018-2028
  • Figure 36 Rest of the Asia-Pacific Contactless Payment Market Share, By Deployment Mode, By Value, 2018-2028
  • Figure 37 Rest of the Asia-Pacific Contactless Payment Market Share, By Application, By Value, 2018-2028
  • Figure 38 Rest of the Asia-Pacific Contactless Payment Market Share, By End-User, By Value, 2018-2028
  • Figure 39 Rest of the Asia-Pacific Contactless Payment Market Share, By Country, By Value, 2018-2028

List of Tables

  • Table 1 Asia-Pacific Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 2 Asia-Pacific Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 3 Asia-Pacific Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 4 Asia-Pacific Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 5 Asia-Pacific Contactless Payment Market Size, By Region, By Value, 2018-2028
  • Table 6 China Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 7 China Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 8 China Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 9 China Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 10 China Contactless Payment Market Size, By Country, By Value, 2018-2028
  • Table 11 India Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 12 India Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 13 India Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 14 India Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 15 India Contactless Payment Market Size, By Country, By Value, 2018-2028
  • Table 16 Japan Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 17 Japan Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 18 Japan Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 19 Japan Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 20 Japan Contactless Payment Market Size, By Country, By Value, 2018-2028
  • Table 21 South Korea Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 22 South Korea Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 23 South Korea Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 24 South Korea Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 25 South Korea Contactless Payment Market Size, By Country, By Value, 2018-2028
  • Table 26 Rest of the Asia-Pacific Contactless Payment Market Size, By Component, By Value, 2018-2028
  • Table 27 Rest of the Asia-Pacific Contactless Payment Market Size, By Deployment Mode, By Value, 2018-2028
  • Table 28 Rest of the Asia-Pacific Contactless Payment Market Size, By Application, By Value, 2018-2028
  • Table 29 Rest of the Asia-Pacific Contactless Payment Market Size, By End-User, By Value, 2018-2028
  • Table 30 Rest of the Asia-Pacific Contactless Payment Market Size, By Country, By Value, 2018-2028
  • Table 31 ACI Worldwide, Inc. Company Overview
  • Table 32 ACI Worldwide, Inc. Financial Overview
  • Table 33 Adyen Block, Inc. Company Overview
  • Table 34 Adyen Block, Inc. Financial Overview
  • Table 35 Fiserv, Inc. Company Overview
  • Table 36 Fiserv, Inc. Financial Overview
  • Table 37 Asia-Pacific Payments Inc. Company Overview
  • Table 38 Asia-Pacific Payments Inc. Financial Overview
  • Table 39 Pay Pal Holdings, Inc. Company Overview
  • Table 40 Pay Pal Holdings, Inc. Financial Overview
  • Table 41 Klarna Company Overview
  • Table 42 Klarna Financial Overview