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Asia-Pacific Contactless Payments Market is growing at a CAGR of 16% during 2021-2026

Written by Customer Service on . Posted in Public Companies.

The Contactless Payments witnessing robust growth in the Asia-Pacific region on account of paradigm inclination of customer toward digital commerce and propelling advancements in smart chip technology. The increasing consumer base toward digital payment such as UPI, net banking, digital wallets, QR code scan, A2A payments due to burgeoning smartphone penetration the major factor for the market growth. Besides this, boost in the demand for contactless payment technology especially in financial services, rising advancement in Near Field Communication (NFC) technology, and growing awareness about these services and technologies are the factors anticipated to have a positive outlook on the market growth.

Key questions answered in the study

1. What are the current and future trends of the Contactless Payments industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Contactless Payments industry?
5. What is the customer orientation, purchase behavior, and expectations from the Contactless Payments firms across various regions?

According to MarkNtel Advisors’ research report “Asia-Pacific Contactless Payments Market Analysis, 2021”, the Asia-Pacific Contactless Payments market is anticipated to grow at a CAGR of 16% during 2021-26. The COVID-19 pandemic has alter the purchasing habits of the customer which has augmented the growth of digital payment industry across the region. The paradigm shift towards digital payment and growing popularity of mobile banking, online shopping and increasing adoption of mobile wallet and payment application during the lockdown period has proliferated the demand for contactless payment in the region. However, the market is projected to witness robust growth in the coming years as well.

Get a sample copy of the report: https://www.marknteladvisors.com/query/request-sample/asia-pacific-contactless-payment-market.html

“Asia-Pacific Contactless Payments Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Contactless Payments providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

India acquired the significant market

India is witnessing robust growth in the adoption of digital payment in the Asia-Pacific Contactless Payments market. The increasing use of smartphones makes India the second-largest smartphone permeation. The burgeoning advancements in networking infrastructure, rapid use of mobile wallets to make payments, among millennial and Gen Y consumers along with boost in government initiatives to develop smart solutions are the factor propelling the market value of the industry. Besides these, snowballing adoption in advanced payment solutions among merchants and upsurge in the digital wallet transaction during COVID-19 are driving the growth of the market. According to the Reserve Bank of India, the total digital wallet transactions doubled to Rs. 253.2 crore in May this year from Rs. 124.3 crore in February 2020. Hence, this strongly contributing towards the market growth of the Contactless Payments in the forthcoming period as revealed by the MarkNtel Advisors’ research report “Asia-Pacific Contactless Payments Market Analysis, 2021”.

According to MarkNtel Advisors’, the key players with a considerable market share in the Asia-Pacific Contactless Payments market 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, Visa Inc. etc.

Market Segmentation:

1. By Devices (Smartphones, Smart Cards, Point of Sale Terminals, Other)
2. By Technology (NFC, RFID, IR)
3. By End-User (Retail, BFSI, Healthcare, Telecom & IT, Entertainment & Media, Hospitality & Restaurant, Transportation, Others)
4. By Country (China, Japan, South Korea, Australia, India, South East Asia, Malaysia, Singapore),
5. By Company (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, Visa Inc. etc.)
For more information, visit: https://www.marknteladvisors.com/research-library/asia-pacific-contactless-payment-market.html

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