Asia-Pacific contactless payment market is anticipated to grow at a CAGR 16.2% during the forecast period. Asia-Pacific is the fastest growing region in ICT sector due to its rapid transformation towards digital economies. Region comprises fastest emerging economies of India and China. Additionally, growing South East Asian countries such as Indonesia, Philippines, Singapore and others are gradually adopting advanced technologies in order to keep pace with competitive economies of the region and beyond Asia-Pacific as well.
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Contactless payment is one such advanced technology, emerging economies are eyeing upon. Over the last decade, the contactless payments have witnessed dramatic changes with the rise of digital payments. The accelerating growth makes contactless payments an expanding and increasingly important component of the banking sector. Various financial institutions are continuously working with tech giants to develop contactless payment based platforms in order to reduce potential threats of cyber-attacks. Growing demand of contactless payment technology in financial services is rapidly taking the payment method from a buzzword to mainstream business. Though, the US and Europe are development centers for contactless payment technology due to presence of tech giants in these regions; Asia Pacific is testing ground for contactless payment due to its complex and penetrable financial infrastructure.
Moreover, the region is advancing towards contactless payment technology to encourage its competitiveness and to create a potential business market in order to attract huge amount of investments. The growth of the payments component also points to the imperative for financial institutions to develop and continually refresh sound payments strategies in order to remain competitive in market, being reshaped by technology, new competition, and customer demands. The major players that are active in the market include Giesecke & Devrient GMBH, GEMALTO NV, VISA, INC., Wirecard AG, Verifone Systems INC, VALITOR HF, IBM CORP., Heartland Payment Systems and Infineon Technologies AG.
Asia-Pacific Contactless Payment Market Segmentation
By Device
- Smartphones
- Smart Cards
- Point of Sale Terminals
- Other
By End-User
- Retail
- BFSI
- Transportation
- Others
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Regional Analysis
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
Company Profiles
- GEMALTO NV
- GIESECKE & DEVRIENT GMBH
- HEARTLAND PAYMENT SYSTEMS
- IBM CORP.
- INFINEON TECHNOLOGIES AG
- VALITOR HF
- VERIFONE SYSTEMS, INC
- VISA, INC.
- WIRECARD AG
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