Since the introduction of the electronic fund transfer by the Western Union during the 1870s, the digital payments industry has come a long way. The market has grown steadily through the decades and maybe rapidly in the last few years across the globe. With the rise of digital payments, a technological innovation that has witnessed dramatic changes in the last decade is contactless payment. And among the major markets, the APAC region tops the table and is likely to undergo rapid expansion. According to several studies, the contactless payment market size in the APAC region is expected to grow at a CAGR of about 17 percent from 2020 to 2026.
A prominent factor for this shift is the preference of millennial consumers. There exists a disconnect between millennials and traditional banks where the former prefer to visit brick and mortar branches and ATMs less, driving the market demand for contactless POS terminals and digital wallets. This is evident in the retail industry, where consumers prefer contactless payment options. Such a cashless method reduces transaction time, accelerate the transaction process, and reduce counter queues for retailers as well. Further, ongoing advancements in networking infrastructure and an increasing number of government initiatives for smart solutions are key driving factors for the industry’s growth. Various governments, for instance, Australia, are encouraging merchants to use advanced payment solutions such as debit and credit card transactions.
Another trend that’s witnessed in the contactless payment industry is the growing adoption of near-field communication (NFC) technology that facilitates real-time transactions. The NFC-based contactless payment provides short-range interaction between electronic devices (readers and mobile handsets), providing enhanced customer satisfaction and helps fast-tracking connections. The demand for NFC payment solutions is rising in several industries, such as transportation, retail, and healthcare.
As the world recovers from the global pandemic hit, the adoption of contactless payments is expected to grow further, keeping in mind the safety and hygiene requirements of consumers. In light of these significant technological advancements today, APAC CIO Outlook has compiled a list of top 10 contactless payments consulting/services providers to guide enterprise leaderships in harnessing the power of technology to embrace innovation and enhance productivity.
With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in the robust contactless payments service landscape. We hope this issue of APAC CIO Outlook helps you build the partnership you and your firm need to embrace efficient contactless payment consulting/ services to enhance customer experience and ensure organizational success.
We present to you APAC CIO Outlook’s ’’Top 10 Contactless Payments Consulting/Services Providers — 2020."
