The Asia Pacific Proximity Payment Market would witness market growth of 13.4% CAGR during the forecast period (2021-2027).
Mobile phones (particularly smartphones) have become an integral part of a person’s life due to the constantly booming global economy. In the same fashion, the increased penetration of the internet has encouraged many individuals to adopt smartphones. As a result, the number of people using smartphones has increased significantly in the last couple of years, thereby propelling the growth of the proximity payment market.
Due to the massive potential of the market, the key market players are putting heavy investments in mobile payment technology. For example, in the Indian market, WhatsApp has collaborated with ICICI bank with an aim to launch a mobile payment feature via UPI (unified payments interface). A number of governments are also motivating banks to develop infrastructure to allow secure and safe mobile payments in rural areas, which can offer huge growth prospects for the vendors.
The growth of the market would be boosted by the constant advancements in products & services and innovation in payment security technologies. In addition, contactless payments allow money transactions to be conducted in between a point-of-sale terminal and the payment device of a consumer. Moreover, the growth of the proximity payment market would be boosted due to the shift in payment awareness and preferences among the customers. Further, the growth of the market would witness bright prospects due to the increase in contactless technologies in various applications like toll booths, vending machines, ticketing, and fuel stations.
The increasing penetration of smartphones across developing countries in the APAC region would positively impact the growth of the regional market in the upcoming years. Various countries of the region have taken supportive initiatives to support digital payment. For example, China is putting hefty investments in advanced payment services. Due to this, people living in the country are adopting digital payment methods. Since the outbreak of COVID-19 was started in China, it created a massive disruption across the country.
Due to this, people preferred to minimize human contact and a contactless payment method to pay for goods and services. In addition, the adoption of digital payment methods is constantly increasing in India due to the surge in the number of smartphone users and governments' efforts toward digital payment wallet services. Moreover, the growing government efforts with an aim to support the digital economy and reduce the utilization of cash have led to a high number of transactions via point-of-sale machines and e-wallets. Therefore, these aspects are expected to boost the growth of the regional proximity payment market during the forecasting period.
The Solution market dominated the Malaysia Proximity Payment Market by Offering 2020, thereby, achieving a market value of $345.3 million by 2027. The Services market is expected to witness a CAGR of 20% during (2021 - 2027).
Based on Offering, the market is segmented into Solution and Services. Based on Application, the market is segmented into Grocery Stores, Drug Stores, Bars & Restaurants, Entertainment Centers, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Proximity Payment Market is Projected to reach USD 26.4 Billion by 2027, at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., PayPal Holdings, Inc., Visa, Inc., Mastercard, Inc., Apple, Inc., Square, Inc., Google, LLC, Ingenico, ACI Worldwide, Inc. and IDEMIA SAS.
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