Southeast Asian Contactless Payment Growth Opportunities, Forecast to 2026

Southeast Asian Contactless Payment Growth Opportunities, Forecast to 2026

Convenience and Safety Considerations During the Pandemic Drive Use

RELEASE DATE
14-Oct-2021
REGION
Asia Pacific
Research Code: PC28-01-00-00-00
SKU: TE04038-AP-MT_25852
$2,450.00
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Description

The proliferation of COVID-19 has factored into the growth of contactless payments (made through a mobile device, wearable, or physical or virtual card, with the payee’s device or a merchant’s terminal initiating the transaction) in Southeast Asia. Customers want a safe and convenient way to do face-to-face transactions. Regulations and other government interventions also are promoting a cashless society, although the use of cash is still popular in countries with smaller banked populations, specifically for micropayments for daily purchases.

Mobile phones, wearable devices, and mobile point-of-sale (POS) terminals provide the platform for a faster payment process. Open application programming interfaces (APIs) streamline the product development process, and emerging contactless payment technologies such as near-field communication (NFC), quick response (QR) code, magnetic secure transmission (MST), and virtual cards will encourage broader acceptance.

New payment innovations leveraging open banking APIs will pave the way for data sharing from multiple points, allowing providers to profile customers based on their behavior to improve the purchase experience. As countries in the region gear up to roll out 5G, which could improve payment processing time and improve the customer experience, partnerships, mergers, or acquisitions among terminal vendors, payment processors, issuers, and telcos may be necessary to advance contactless payment use.

This study focuses on selected Southeast Asian countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. It considers drivers and restraints for the region, and drill down into country-specific opportunities and challenges.

Author: Dewi Rengganis

RESEARCH: INFOGRAPHIC

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Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Southeast Asian Contactless Payments Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Scope of Analysis

Market Definitions

Key Questions this Study ill Answer

Contactless Payment Value Chain

Contactless Payment Business Models and Benefits

Next-generation Contactless Payment Technologies

Growth Drivers

Growth Restraints

Indonesia—Market Overview

Indonesia—Transaction Value Forecast

Indonesia—Market Analysis

Malaysia—Market Overview

Malaysia—Transaction Value Forecast

Malaysia—Market Analysis

Philippines—Market Overview

Philippines—Transaction Value Forecast

Philippines—Market Analysis

Singapore—Market Overview

Singapore—Transaction Value Forecast

Singapore—Market Analysis

Thailand—Market Overview

Thailand—Transaction Value Forecast

Thailand—Market Analysis

Vietnam—Market Overview

Vietnam—Transaction Value Forecast

Vietnam—Market Analysis

Companies to Watch—ePayment Terminals

Companies to Watch—Mobile Payments

Artificial Intelligence for Contactless Payment Security

Machine Learning for Contactless Payment Security

Growth Opportunity 1—Dual-interface Card for a Wide Range of Payment Applications

Growth Opportunity 1—Dual-interface Card for a Wide Range of Payment Applications (continued)

Growth Opportunity 2—Mobile-based POS Terminals for Affordable Merchant Onboarding

Growth Opportunity 2—Mobile-based POS Terminals for Affordable Merchant Onboarding (continued)

Growth Opportunity 3—Biometrics for Seamless Transaction

Growth Opportunity 3—Biometrics for Seamless Transaction (continued)

Growth Opportunity 4—Blockchain and AI Technology to Track Transactions

Growth Opportunity 4—Blockchain and AI Technology to Track Transactions (continued)

Conclusions

List of Exhibits

List of Exhibits (continued)

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Related Research
The proliferation of COVID-19 has factored into the growth of contactless payments (made through a mobile device, wearable, or physical or virtual card, with the payee’s device or a merchant’s terminal initiating the transaction) in Southeast Asia. Customers want a safe and convenient way to do face-to-face transactions. Regulations and other government interventions also are promoting a cashless society, although the use of cash is still popular in countries with smaller banked populations, specifically for micropayments for daily purchases. Mobile phones, wearable devices, and mobile point-of-sale (POS) terminals provide the platform for a faster payment process. Open application programming interfaces (APIs) streamline the product development process, and emerging contactless payment technologies such as near-field communication (NFC), quick response (QR) code, magnetic secure transmission (MST), and virtual cards will encourage broader acceptance. New payment innovations leveraging open banking APIs will pave the way for data sharing from multiple points, allowing providers to profile customers based on their behavior to improve the purchase experience. As countries in the region gear up to roll out 5G, which could improve payment processing time and improve the customer experience, partnerships, mergers, or acquisitions among terminal vendors, payment processors, issuers, and telcos may be necessary to advance contactless payment use. This study focuses on selected Southeast Asian countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. It considers drivers and restraints for the region, and drill down into country-specific opportunities and challenges. Author: Dewi Rengganis
More Information
No Index No
Podcast No
Author Dewi Rengganis
Industries Telecom
WIP Number PC28-01-00-00-00
Is Prebook No
GPS Codes 9523-D1,9702-C1,9705-C1,9657,9598,9A66-C1