DECEMBER, 20206 The COVID-19 pandemic has brought in economic shifts and related troubles for various countries across the APAC region. However, a positive spin amid this crisis has been the reiteration of the importance of technological innovations, particularly contactless payments. According to Mastercard, there was an increase of 40 percent in contactless payments globally. In APAC, this has grown by 2.5 times compared to pre-COVID times. As consumers grew conscious of the virus transmission through physical contact, hygiene took precedence and has been the primary driver for this shift. Most consumers prefer contactless over cash or point-of-sale terminals. The transition to online shopping methods, even for essential commodities, has also contributed to the industry's rapid development.That being said, digital payment methods were widespread in the region even before the pandemic. Several studies report that APAC digital payments market is far more prominent than North American and European Markets. According to McKinsey, in 2019, the APAC region's industry generated a whopping $1.9 trillion in revenue, with China contributing two-thirds of the total. Further, Singapore and Australia are cementing their positions as digitally mature markets with cashless adoption on the rise already. Malaysia is also making strides towards going cashless, with 48 percent making contactless payments. With the rapid shift to digital mode comes the security risks and payment solution providers have to quickly step up to these challenges and strengthen resilience, enabling a cashless economy. In this edition of APAC CIO Outlook, we bring you the story of some of the most successful contactless payments consulting/services providers that deliver the best outcomes for their clients. This edition also offers a combination of thought leadership from subject matter experts with real-life stories on fostering robust partnerships and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the right assistance in choosing the contactless payments services that best fit your requirements. Let us know your thoughts!Annie JohnsonEditorialCovid and Contactless--A Flourishing Industry Amid the PandemicAnnie JohnsonManaging Editoreditor@apacciooutlook.comTo subscribe to APACCIOOutlookVisit www.apacciooutlook.comArt & GraphicsAmelia StewartJohn GothamToby LangtonJie Ch'angManaging EditorAnnie JohnsonSenior WritersLane Adams Clara MathewRoyce D'SouzaEditorialAlfred MardinLouis BeckerRachael ClarkRoy ChowDai ShihDan StanleyCopyright © 2020 ValleyMedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER - 25 - 2020, Volume 06-Issue - 52 (ISSN 2644-2876)Published by ValleyMedia Inc.*"Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff"Emailsales@apacciooutlook.comeditor@apacciooutlook.commarketing@apacciooutlook.comSalesJames Williamjames.william@apacciooutlook.com
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