Proximity Payment Market 2022 Boosting the Growth Worldwide | ACI Worldwide, Inc., Alphabet Inc. (Google), Apple Inc., FIS, IDEMIA

📌 Overview of the Proximity Payment Market:

Proximity payments are mobile payments that takes place through a proximity technology such as Quick Response (QR) codes, Near Field Communication (NFC), Bluetooth technology, etc.

Growing adoption of smartphones coupled with the penetration of internet is a prime factor driving growth of the proximity payment market. According to the Zippia, Inc., there are 294.15 million smartphone users in the United States. 85% of American adults use smartphones. Approximately 47% of web traffic in the U.S. originated from mobile devices. Apple is the top smartphone in the U.S., with more than 113 million iPhone users. On the other hand, rise in data breaches and security concerns is expected to restrict growth of the proximity payment market.

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Asia Pacific is expected to witness significant growth over the forecast period owing to the rapid digitalization in payment sector. According to the Kaspersky, the Asia Pacific (APAC) region is the largest contributor to global payments revenue, with analysts expecting the sector to exceed USD $1 trillion revenue by 2022 or 2023 because of rapid proliferation and adoption of digital payments.

📌 Key Developments:

❖ In March 2021, Axis Bank launched the country's first contactless wearable payment devices to allow customers to make on-the-go transactions more conveniently

❖ In October 2021, ICICI Bank announced the launch of a contactless payment service through its banking app, iMobile Pay that enables customers to tap their smartphones to pay at POS (Point of Sale) machines of merchant outlets.

❖ In October 2021, Infineon launches a new SECORA™ Pay portfolio on 40 nm technology with best in class contactless performance

❖ In September 2021, National Payments Corporation of India (NPCI) has partnered Yes Bank to launch RuPay On-the-Go. The novel contactless payments solutions will allow customers to make small and large value transactions using daily wear accessories. The product was launched at the Global Fintech Festival 2021, in association with fintech infrastructure partner Neokred and manufacturing partner Seshaasai.

❖ In September 2021, PT Bank CIMB Niaga Tbk (CIMB Niaga) and PT JCB International Indonesia (JCB), as subsidiaries of JCB International Co Ltd., launched the CIMB Niaga JCB Contactless Credit Card in Jakarta, Friday, 3 September 2021

❖ In September 2020, IDFC First Bank announced the launch of contactless debit card-based payment facility, SafePay, allowing transactions up to Rs 20,000 per day.

📌 The Leading Players involved in the global Proximity Payment market are:

❖ ACI Worldwide, Inc.
❖ Alphabet Inc. (Google)
❖ Apple Inc.
❖ FIS
❖ IDEMIA
❖ Ingenico
❖ Mastercard
❖ PayPal Holdings Inc.
❖ Square, Inc.
❖ Visa Inc

📌 The Study Explore the Product/Types of the Market:

❖ Solution
❖ Hardware
❖ Software
❖ Service

📌 Key Applications/End-users of the Market:

❖ Grocery Stores
❖ Bars & Restaurants
❖ Drug Stores
❖ Entertainment Centers
❖ Others

📌 Regions/Country Included are:

❖ The Middle East and Africa (Turkey, GCC Countries, Egypt, South Africa)
❖ North America( United States, Mexico, and Canada)
❖ South America (Brazil, etc.)
❖ Europe (Germany, Russia, UK, Italy, France, etc.)
❖ Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)

In the latest industry analysis by Stratagem Market Insights (SMI), the growth of the Proximity Payment market is projected to expand at a driving CAGR through 2028 as the global market grows gradually recovers. The report aims to provide insight into hidden growth opportunities and challenges. It also provides recommendations for businesses to prepare for unexpected problems. This newly published insightful report sheds light on the market insights of the Proximity Payment, its key dynamics, its impact across the value chain from suppliers/service providers to end-users, and the growth of the Proximity Payment market.

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The study provides pragmatic and valuable market insights into the Proximity Payment. Additionally, the latest report offers details on the current scenario of the market across different regions along with historical data and forecasts (2022-2028) of the market. The report also includes information on sales and demand for the Proximity Payment market across various industries and regions.

The research conducted by SMI provides exclusive information on how the market is growing. The study identifies essential trends determining the growth of the Proximity Payment market. This newly published report sheds light on vital dynamics such as drivers, restraints, and opportunities of leading market players as well as emerging players associated with the production/services and supply.

📌 Report Benefits & Key Questions Answered:

✔ Proximity Payment Market Companies and Share Analysis: The report offers a detailed Proximity Payment market share analysis to estimate the market proportions covered by Tier 1, Tier 2, and Tier3 companies.

✔ Proximity Payment Market Historical Volume Analysis: The report provides a comparative analysis of the Proximity Payment's historical sales and 2022-2028 forecasted sales performance.

✔ Proximity Payment market Category and Segment Level Analysis: SMI provides a comprehensive analysis of the factors enabling revenue growth across key segments. It highlights key growth drivers and provides valuable information to understand sales prospects at local and regional levels.

✔ Proximity Payment Consumption by Demographics: The report studies consumer behavior and consumption patterns to provide informed recommendations. Demographic analysis is intended to help businesses better understand consumer preferences and design products/services and market strategies around them.

✔ Post-COVID Consumer Spending for Proximity Payment: Market research carefully examines consumer spending behavior post-COVID-19. It measures how general trends influence their behavior and subsequently their spending power.

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📌 Reasons why you should buy this report:

➥ Understand the Current and future of the Proximity Payment Market in both Established and emerging markets.
➥ The report assists in relocating the business strategies by accentuating the Proximity Payment business priorities.
➥ The report throws light on the segment anticipated to dominate the Proximity Payment industry and market.
➥ Forecasts the regions expected to perceive ascension.
➥ The newest developments within the Proximity Payment industry and details of the industry leaders alongside their market share and methods.
➥ Saves time on the entry-level research as the report contains significant data concentrating growth, size, key players, and segments of the industry.
➥ Save time carrying out entry-level research by characterizing the growth, size, major players, and segments within the Global Market.

In addition, the following years are taken into account for the study:
Historic year - 2015-2020
Base year - 2021
Forecast period ** - 2022-2028 [** unless otherwise stated]

** It also includes a detailed analysis of the competitive landscape, the opportunities available in the micro-market that stakeholders can invest in, and the product services of key players.

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About Us:

Stratagem Market Insights is a management consulting organization providing market intelligence and consulting services worldwide. We bring the expertise of consultants with a cumulative industry experience of more than 70 years. The firm has been providing quantified B2B research and currently offers services to over 350+ customers worldwide.

This release was published on openPR.