Proximity Transaction Payment Market Archives

Proximity Mobile Payment Market Growth- Top Companies Share, Trends Analysis, Size to Surge at a CAGR of 13.04%, Future Challenges and Forecast Strategies till 2023- 2033: SPER Market Research

admin September 13, 2023 Business, IT Industry, News

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.

For More Information, refer to below link:-

Mobile Payment Market Future Opportunity

Global Mobile Value-Added Services Market Size- By Vertical, By Solution, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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Proximity Mobile Payment Market Share 2023, Growth Strategies, Rising Trends, Expanding at a CAGR of XX%, Key Players, Analysis and Future Scope 2027: SPER Market Research

admin July 11, 2023 Business, IT Industry, News

Proximity Mobile Payment is a digital payment method where transactions are conducted using a mobile or smartphone, in close proximity to a payment terminal or compatible device. It eliminates the need for physical cash or cards and uses technologies like NFC or QR codes for secure and contactless transactions. Users can make purchases by tapping, waving, or scanning their mobile devices near payment terminals or by scanning QR codes. Proximity mobile payments also offer convenience, speed, and enhanced security.

According to SPER market research, ‘Proximity Mobile Payment Market Size- By Products, By Applications – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Mobile Payment Market is predicted to reach USD 700.4 billion by 2027 with a CAGR of XX%.

The potential user base of smartphones has increased due to their general availability, and customers have been drawn to mobile payments due to its practicality and simplicity. NFC and other contactless technologies have made it easier for mobile payments to be accepted in a variety of retail settings. Users now trust enhanced security measures like tokenization and biometric authentication. The market has grown as a result of a shift in consumer behaviour towards digital transactions. The market has also grown as a result of favourable regulatory settings, expanding merchant acceptance, and successful marketing initiatives.

Different payment systems and technologies are becoming muddled due to a lack of standardisation which serve as a major challenge in the market. In some areas, adoption was hampered by a lack of infrastructure, including POS systems and NFC-capable gadgets. Consumer education regarding the advantages and security of mobile payments was essential. Widespread adoption was hampered by retailers’ limited acceptance. International providers faced compliance challenges as a result of various country rules. Issues with interoperability halted smooth fund transfers between systems. Payment transactions were impacted by connectivity and dependability issues in places with inadequate network coverage. Data collection procedures gave rise to privacy concerns.

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The COVID-19 pandemic accelerated the adoption of proximity mobile payments as consumers sought contactless options. The simplicity and security that mobile payment apps and services offered were the primary factors in their rising use. Mobile payments for online purchases were further encouraged by the rise of e-commerce during lockdowns. By introducing contactless payment methods, retailers expanded the market. Contactless payments were supported by regulatory modifications such higher transaction limits. But there were difficulties, such as decreased consumer spending and cybersecurity worries. Overall, the pandemic has had a lasting impact on the worldwide proximity mobile payment business by causing a long-term transition towards digital payments and a more cashless society.

Geographically, Asia Pacific emerged as the dominant region in the Proximity Mobile Payment industry. This can be attributed due to the presence of developing nations like Australia, South Korea, Japan, South Korea, and India. These nations offer a stable environment that supports the expansion of the proximity payment sector. Following the government’s demonetization initiative, India has seen a rapid surge in the use of digital wallets and QR code services. Additionally, some of the market key players are PayPal Holdings Inc., Samsung Electronics Co. Ltd., Mastercard Incorporated, Vodafone Group Plc., Apple Inc., Others.

Global Proximity Mobile Payment Market Segmentation:

By Technology: Based on the Type, Global Proximity Mobile Payment Market is segmented as; Classified Barcodes, Near Field Communication.

By Application: Based on the Deployment Model, 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 Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.