Asia Pacific Contactless Payment Market to grow at a CAGR of 16% in the Forecast Period of 2021-26

According to the MarkNtel Advisors research report, “Asia Pacific Contactless Payment Market Analysis, 2021,” the market shall grow at a CAGR of 16% in the forecast period of 2021-26. Several growth factors supporting the robust pace of the market include the rapid transformation towards digital economies along with the accelerating rise & adoption of contactless payments across the banking sector.

Besides, numerous financial organizations are constantly working with the tech giants to manifest a platform based on contactless payment and reduce the potential cyber threats. Furthermore, the Asia Pacific is a complex and penetrable financial infrastructure that also acts as a testing ground for contactless payment platforms.

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Key Questions Answered in the Study
1. What are the current and future trends in the Asia Pacific Contactless Payment Market?
2. How has the market been evolving in terms of end-user demand and application areas?
3. How has the competition been shaping across Asia-Pacific, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Asia Pacific Contactless Payment Market?
5. What are the customer orientation, purchase behavior, and expectations from the Asia Pacific Contactless Payment Market service providers across the region?

NFC Technology Exhibits Rapid Growth in the Forecast Period

Based on the Technology, the Asia-Pacific Contactless Payment Market segments into NFC, RFID, and IR. Of them all, the NFC technology for contactless payment is more likely to witness the fastest market growth in the forecast period. It owes prominently to the expanding use of NFC technology in end-users like retail, transportation, and healthcare industries. These solutions allow easy support, faster transaction processes, and a secure payment procedure. Besides, the rapidly increasing penetration of NFC-based mobile handsets is also contributing to the segment growth. The technology presents a platform between electronic devices and customer satisfaction while helping in fast-tracking links. All these factors are likely to fuel the demand for NFC-based contactless payment systems and lead it to observe the fastest growth in the forecast period.

“Asia Pacific Contactless Payment Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Agriculture Analytics providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

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India to Witness the Fastest Market Growth

Asia-Pacific Contactless Payment Market is thriving across different countries in the region. However, the market experienced the fastest growth in India, primarily due to the continuous advancements toward contactless payment technology that encourages competitiveness while creating a potential business market to attract massive investments.

Besides, the rapid growth & adoption of contactless payments also point to the financial institutions developing refresh payments strategies. It shall enable the market to remain competitive & reshaped as to the technology & varying customer demands. Therefore, based on the factors cited above, India is very likely to witness the fastest market growth and contribute to the overall market growth in the forecast period, states MarkNtel Advisors in their research report, “Asia Pacific Contactless Payment Market Analysis, 2021.”

According to MarkNtel Advisors, the leading players in the Asia Pacific Contactless Payment Market are 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.

Market Segmentation:
1. By Device (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 (India, China, Japan, Australia, South Korea, South East Asia, Malaysia, Singapore)
5. By Competitors (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.)

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We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

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