The Asia-Pacific Contactless Payment market is growing at a high rate owing to the factors such as increasing penetration of smartphones, burgeoning adoption of contactless payment services, and escalating advancements in smart chip technology. Moreover, rising usage among consumers and merchants, snowballing RFID tagging and proliferating demand for biometric contactless smart cards are the factors anticipated to strongly contribute toward the growth of the market in the forthcoming timeline.
According to MarkNtel Advisors’ research report “Asia-Pacific Contactless Payment Market Analysis, 2021”, the Asia-Pacific Contactless Payment market is anticipated to grow at a CAGR of 16% during 2021-26. Based on End-User, Retail grabbed the majority market share in 2019. The subsequent growth in the number of ‘tap-and-go’ transactions, strong growth in the retail sector due to deployment of disruptive technologies, such as cloud computing, digital stores, and social networks, burgeoning adoption of contactless payment.
“Asia-Pacific Contactless Payment 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 Payment 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.
China Grabbed the Largest Market Share
The contactless payment robust growth in China. This is due to significant growth in the number of users due to a rise in the adoption of mobile payment, and an upsurge in third-party mobile payment. However, the outbreak of the COVID-19, initiative issued by the Payment & Clearing Association of China in order to encourage the usage of online, barcode and mobile payment to prevent the risk of infection. are strongly contributing towards the market growth of the Contactless Payment in the forthcoming period as revealed by the MarkNtel Advisors’ research report “Asia-Pacific Contactless Payment Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Asia-Pacific Contactless Payment 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.
Key questions answered in the study: