Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Proximity Payment Market Size is Expected to Grow from USD 29.09 Billion in 2023 to USD 97.69 Billion by 2033, at a CAGR of 12.88% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Proximity Payment Market Size, Share, and COVID-19 Impact Analysis, By Type of Financing (Peer-to-Peer Payment, Merchant Payments, Bill Payments, Government Payments), By Industry Vertical (Smartphones, Wearable, Payment Cards, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
A proximity payment is a type of mobile payment that utilizes proximity technology to facilitate communication between the devices of the payer and payee. For a proximity payment to be successful, both parties must be in the same location. This form of payment can employ technologies such as Near Field Communication (NFC), Quick Response (QR) codes, and Bluetooth. The growth of the proximity payment market is driven by several factors. Innovations in payment technologies, including NFC, biometric authentication, and mobile wallets, make transactions more secure and efficient. Additionally, consumers increasingly seek convenient and secure methods for making payments. The rising popularity of smartphones and wearable devices equipped with NFC capabilities is further propelling market growth. Moreover, governments are promoting digital payments to combat money laundering activities. However, there are also factors that may hinder the growth of the proximity payment market. Consumers often express concerns regarding the risks of data breaches, identity theft, and fraudulent transactions associated with proximity payments. For instance, scammers might replace proximity payment codes at merchant outlets, causing customers to inadvertently pay the fraudsters instead of the legitimate merchants. Such risks can exacerbate potential identity theft and data breaches, ultimately limiting market growth. Furthermore, a shortage of skilled professionals can also hamper progress in this sector.
The merchant payments segment is predicted to hold the largest market share through the forecast period.
Based on the type of financing, the proximity payment market is classified into peer-to-peer payment, merchant payments, bill payments, government payments. Among these, the merchant payments segment is predicted to hold the largest market share through the forecast period. The growth of digital payment solutions among businesses of all sizes is on the rise, driven by consumer preferences for cashless transactions. As shoppers lean towards cashless payment methods, retailers are implementing systems that allow for fast and secure transactions, improving customer satisfaction and operational effectiveness. The increasing popularity of e-commerce, the emergence of mobile wallets, and the incorporation of advanced payment technologies such as contactless payments are drive the expansion of this sector. Additionally, the ongoing transition towards omnichannel retail strategies is prompting merchants to invest in integrated payment systems, strengthening their position in the market.
The smartphones segment is anticipated to hold the highest market share during the projected timeframe.
Based on the industry vertical, the proximity payment market is divided into smartphones, wearable, payment cards, and other. Among these, the smartphones segment is anticipated to hold the highest market share during the projected timeframe. The widespread use of mobile devices for financial transactions is a key factor in this growth. With smartphones increasingly featuring advanced payment capabilities like Near Field Communication (NFC) and biometric authentication, consumers are more likely to utilize their devices for quick and secure transactions. Moreover, the growth of mobile banking applications and digital wallets has simplified financial management for users on the go, significantly enhancing this segment's expansion. The trend of embedding payment features into smartphones is anticipated to persist, bolstering their market dominance.
North America is estimated to hold the largest share of the proximity payment market over the forecast period.
North America is estimated to hold the largest share of the proximity payment market over the forecast period. This growth can be attributed to the region's advanced technological framework and high consumer acceptance of contactless payment solutions. The swift uptake of digital wallets and mobile payment options, coupled with a strong emphasis on convenience and security, has resulted in substantial growth in proximity payments. Additionally, leading retailers and financial institutions in North America are actively encouraging the use of contactless payment methods, further promoting consumer adoption. The presence of major technology firms and a well-developed ecosystem of payment solutions also supports North America’s leading role in this market.
Europe is expected to grow the fastest during the forecast period. This growth is propelled by various factors, including regulatory backing for digital payments and an increasing inclination towards cashless transactions among consumers. The European market is distinguished by a high level of innovation, with many fintech companies emerging to provide advanced payment options. Moreover, initiatives by the European Union aimed at improving payment security and simplifying cross-border transactions are fostering the adoption of proximity payments. As consumers grow more accustomed to utilizing mobile wallets and contactless cards, the region is set for significant growth in this sector.
Competitive Analysis
Major key players in the proximity payment market includes Samsung, Stripe, Worldpay, Ingenico, American Express, Apple, Visa, Verifone, Fiserv, PayPal, FleetCor, Google, Square, Mastercard, Adyen, and others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the proximity payment market based on the below-mentioned segments:
Global Proximity Payment Market, By Transaction Type
Global Proximity Payment Market, By Device Type
Global Proximity Payment Market, By Regional Analysis
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