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

Published | 29 July 2022

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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