Report Overview

Asia-Pacific Contactless Payment Market - Industry Trends & Forecast Report 2028

During the forecast period (2022–2028), the APAC Contactless Payment Market is expected to grow at a robust CAGR of 22.4%. The ability of contactless payment solutions to provide services, such as quick money transfer, and an efficient alternative to cash-based payments, together with the growing usage of smartphones and widely available high-speed data networks, is driving the industry. Other important factors boosting the usage of contactless payments and driving the market include the growth of e-commerce enterprises and the trend of various countries toward digitization. Key players’ new offers, such as point redemption, loyalty incentives, and other schemes, to expand customer base and acquire a competitive edge will boost overall market expansion. Benefits, such as secure and integrated payments, real-time transaction processing and updates, and instant transfers are also encouraging people to use contactless payment methods.

Asia-Pacific Contactless Payment Market Forecast and Trends

Growth Drivers

Innovative Digital Technologies Driving Adoption of Contactless Payment Services

Through 2028, the market is expected to be driven by constant integration of digital technologies, such as Artificial Intelligence (AI), in contactless payment services.

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.

Restraints

Convenience of Cash Payments

There are numerous advantages to using contactless payments. Several end users, however, continue to rely on cash for day-to-day transactions. People are also hesitant to adopt new technologies such as contactless payment methods due to years of utilizing cash as a way of payment. Furthermore, personal information, such as balance amounts, location, and PINs elevate the danger of unauthorized usage and security concerns, which could stymie the industry expansion.

Segmental Coverage

Asia-Pacific Contactless Payment Market - By Deployment

The APAC digital payment market is divided into cloud and on-premises deployment models based on deployment models. The on-premises segment dominates the deployment model segment since large payment providers favor on-premises installations, while the cloud segment is increasing at a faster rate due to the need for specific expenditure features.

Asia-Pacific Contactless Payment Market - By Organization Size

The APAC digital payment market is divided into major companies and small and medium-sized enterprises (SMEs) based on company size. Large enterprises dominate the organization size segment as they prefer on-premises deployment methods. However, SMEs are growing at a faster rate, due to their increased use of cloud applications.

Asia-Pacific Contactless Payment Market - By Mode

The APAC digital payment market is divided into two categories: mobile application and desktop/web browser. Due to the compactness of the device and ease of use of the application, mobile applications have a higher market share in the mode of usage segment.

Asia-Pacific Contactless Payment Market - By End User

The APAC digital payment market is divided into commercial and consumer segments based on the end user. End users such as banking, financial services and insurance (BFSI), retail, and e-commerce have substantial applications of digital payment since digital transactions are higher in quantity, hence the commercial segment holds a higher market share in the market by end user.

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

ACI Worldwide, Inc., Adyen Block, Inc., Financial Software & Systems Pvt. Fiserv, Inc., Asia-Pacific Payments Inc., Novatti Group Ltd, PayPal Holdings, Inc., PayU, and Klarna, are key players having competitive advantages and give competitive analysis for each rival individually.

Recent Developments

Due to the rapidly increasing acceptance of digital transactions in China, the Industrial & Commercial Bank of China (ICBC) announced a deal with Gemalto (Thales Group) in January 2019 to continue providing contactless cards. The user can conduct transactions at the point of sale by inserting or pressing this dual interface card.

Scope of the Report

 By Component

•  Solution
• Payment Gateways
• Payment Processing
• Payment Security
•   Fraud Management
•   Point of Sale
•  Payment Wallet

By Services

• Professional Services
• Managed Services

By Deployment

• Cloud-based
• On-Premises

By Organization Size

•  Large Enterprises
• Small and Medium-sized 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
•  Malaysia
• Thailand
•  Rest of APAC

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Asia-Pacific Contactless Payment Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Asia-Pacific Contactless Payment Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
         1. Solution
            1. Payment Gateways
            2. Payment Processing
            3. Payment Security
            4. Fraud Management
            5. Point of Sale
            6. Payment Wallet
         2. Services
            1. Professional Services
            2. Managed Services
      2. By Deployment
         1. Cloud-Based
         2. On-Premises
      3. By Organization Size
         1. Large Enterprises
         2. Small and Medium Enterprises (SMEs)
      4. By End-User
         1. BFSI
         2. Retail and Ecommerce
         3. Healthcare
         4. Travel and Hospitality
         5. Media and Entertainment
         6. IT and Telecom
         7. Others
      5. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
6. China Contactless Payment Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By Deployment
      3. By Organization Size
      4. By End User
7. India Contactless Payment Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By Deployment
      3. By Organization Size
      4. By End User
8. Japan Contactless Payment Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By Deployment
      3. By Organization Size
      4. By End User
9. South Korea Contactless Payment Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By Deployment
      3. By Organization Size
      4. By End User
10. Rest of Asia Pacific Contactless Payment Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Component
       2. By Deployment
       3. By Organization Size
       4. By End User
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    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) **
    1. ACI Worldwide, Inc.
    2. Adyen Block, Inc.
    3. Financial Software & Systems Pvt. Ltd.
    4. Fiserv, Inc.
    5. Asia-Pacific Payments Inc.
    6. Novatti Group Ltd
    7. Pay Pal Holdings, Inc.
    8. Pay U
    9. Klarna
    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