Proximity Payment Market Report, Size, Share, Growth, Trends, Industry Forecast, Outlook to 2033

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The new report published by The Business Research Company, titled Proximity Payment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the proximity payment market size has grown rapidly in recent years. It will grow from $19.17 billion in 2023 to $22.20 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The proximity payment market size is expected to see rapid growth in the next few years. It will grow to $40.60 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%.

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What Is Driving The Growth Of The Global Proximity Payment Market?

Rising Adoption Of Contactless Payments Boosts The Proximity Payment Market Growth
The rising adoption of contactless payment methods is expected to propel the growth of the proximity payment market going forward. Contactless payment refers to a secure method of completing transactions using a payment device, such as a credit or debit card, smartphone, or wearable device, without the need to physically swipe, insert, or hand over the payment instrument. The increase in adoption of contactless payment is due to its convenience and speed, consumer preferences, and security features, drive the adoption of contactless payment systems. Proximity payments facilitate contactless transactions by enabling quick and secure payment processing when devices are nearby. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, the number of contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the corresponding total value rising by 25.9% to €0.5 trillion (545.27 billion). Therefore, the rising adoption of contactless payment methods is driving the growth of the proximity payment market.

What Is The Key Trend In The Global Proximity Payment Market?

Innovative Mobile Payment Solutions Enhancing Security And Convenience
Major companies operating in the proximity payment market are focused on developing advanced solutions, such as mobile payment, to enhance transaction speed and security and improve customer convenience. Mobile payment is the use of a mobile device to make contactless payments by simply tapping the device near a compatible payment terminal. For instance, in March 2022, the Reserve Bank of India, an India-based central bank and regulatory body, collaborated with the National Payment Corporation of India, an India-based organization that launched UPI 123Pay, an innovative mobile payment option. It allows users to make payments without an internet connection, making them accessible for users with feature phones. By installing a UPI app, feature phone users can perform UPI functions similarly to smartphone users. This method utilizes sound waves for offline, contactless transactions, allowing payments through proximity to a merchant's device. The UPI123Pay process is streamlined into three steps: call, choose, and pay.

How Is The Global Proximity Payment Market Segmented?
The proximity payment market covered in this report is segmented -

1) By Offering: Solution, Service
2) By Platform: Android, iPhone Operating System (iOS), Other Platforms
3) By Application: Grocery Stores, Bars And Restaurants, Drug Stores, Entertainment Centers, Other Applications

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How Is The Competitive Landscape Of The Global Proximity Payment Market?
Major companies operating in the proximity payment market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Group, Wells Fargo & Company, American Express Company, Visa Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Inc., Thales Group, Fiserv Inc., Stripe Inc., NXP Semiconductors N.V., Garmin Ltd., Revolut, Worldpay LLC, Adyen N.V., Ingenico, SumUp Inc., PAX Technology, Clover Network LLC, VeriFone Inc., BitPay, Huawei Device Co. Ltd

Contents Of The Global Proximity Payment Market
1. Executive Summary
2. Proximity Payment Market Report Structure
3. Proximity Payment Market Trends And Strategies
4. Proximity Payment Market - Macro Economic Scenario
5. Proximity Payment Market Size And Growth
…..
27. Proximity Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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