Proximity mobile payments are POS (Point-of-sale) transactions that use a smartphone or tablet as a payment method. Taping, scanning, swiping, or verifying in at the POS with a mobile device to complete the transaction; accepts digital goods purchases on mobile devices, remote purchases on handheld devices delivered later, and mobile transactions.
According to SPER market research, ‘Global Proximity Mobile Payment Market Size- By Product, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Proximity Mobile Payment is predicted to reach USD 67.47 billion by 2033 with a CAGR of 13.04%.
The Global Proximity Mobile Payment Market is experiencing growth due to several key factors. The Proximity Mobile Payment market is expanding for both businesses and investors. The simplicity and security of Proximity mobile payments have positioned this sector for rapid expansion as the globe becomes increasingly connected through smartphones and other smart devices. Consumers want speedier, contactless, and convenient payment choices, especially in the context of global health and hygiene issues. Furthermore, the introduction of technologies like NFC (Near Field Communication), QR codes, and mobile wallets has made it easier for enterprises to access this market and provide seamless payment experiences.
The Proximity mobile payment sector is expanding, but it also faces huge challenges. Increasing security concerns are one of the biggest challenges since both consumers and organizations want to take strong protections against potential data breaches and cyber threats. Global standards are lacking, which makes standardization more difficult, thus limiting interoperability and causing market fragmentation. The critical challenge of gaining consumer trust still requires extensive work to resolve worries about payment security and data privacy.
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The Proximity Mobile Payment sector has been greatly impacted by the COVID-19 epidemic. As the necessity for lockdowns, social segregation policies, and growing hygiene concerns increased worldwide, contactless and touch-free payment solutions became increasingly necessary. Consumers’ desire to eliminate physical touch with cash, credit cards, and payment terminals to lower the danger of virus transmission was the main driver behind this unexpected rise in popularity. The use of mobile wallets and applications, which provide a quick and safe way to make payments with smartphones, has increased globally.
Geographically, The market in North America, which includes the United States and Canada, is well-established, driven mostly by tech-savvy customers and a significant presence of mobile wallet providers such as Apple Pay, Google Pay, and PayPal. During the COVID-19 epidemic, adoption rates skyrocketed as safety concerns spurred a move toward contactless payments. Mobile payment solutions have been widely adopted by businesses ranging from retail to quick-service restaurants, and the market is continuing to expand with advances in loyalty programs and connection with other mobile services. Additionally, some of the market key players are ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
Global Proximity Mobile Payment Market Segmentation:
By Product: Based on the Product, Global Proximity Mobile Payment Market is segmented as; Barcodes, Near Field Communication.
By End User: Based on the End User, Global Proximity Mobile Payment Market is segmented as; Hospitality and Tourism, IT and Telecommunications, Aviation, Retail, Media and Entertainment, BFSI, Healthcare.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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