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According to a new report Asia-Pacific Contactless Payment Market, published by KBV Research, the Asia-Pacific Contactless Payment Market is expected to grow at a CAGR of 30.0% during the forecast period.
In 2015, China dominated the Asia-Pacific Point of Sale Terminals Contactless Payment Market. However, Malaysia is expected to witness highest CAGR of 32.7% during the forecast period (2016-2022).
In 2015, Payment Terminal Solution dominated the Asia-Pacific Contactless Payment market by Solution type. The segment has generated revenue of USD 248.2 million in 2015. However, Hosted Point of Sale Solution would witness highest CAGR of 32.8% during the forecast period.
The widespread popularity of internet shopping, QR & ID codes and mobile banking services has directly influenced the growth of contactless payment market. E-commerce as an industry has significantly influenced different verticals and directly influenced and augmented the demand for contactless payment.� Another contributing factor that has led to the widespread adoption of contactless payment is the need for expedient payment mechanism with an aim of providing better customer services. Despite potentials prevailing, customers are still inclined to cash transactions as cyber threats are widely prevalent. Adding the security threats, resistance to technological upgrade in disbursement mode is also been a major restraining factor.
The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the countries in the region. The key influencing factors of the Asia-Pacific Contactless Payment Market have been discussed in the report along with the elaborated company profiles of Microsoft Corporation, Wirecard AG (until April 6, 2005: InfoGenie AG), Giesecke & Devrient GmbH, Ingenico Group S.A, Gemalto NV, Renesas Electronics Corporation, INSIDE Secure, Verifone Systems, Inc.