Driving Proximity Payment Market Growth in 2025: The Role of Rising Adoption Of Contactless Payments Boosts The Proximity Payment Market Growth

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Proximity Payment Market Size Growth Forecast: What to Expect by 2025?
The market size for proximity payments has experienced speedy growth in recent years. There is an expected growth trajectory from $22.2 billion in 2024 to $25.83 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.4%. Factors such as the development of contactless payment systems, increasing consumer inclination towards convenience, regulatory endorsements for digital payments, the rise in e-commerce transactions, and the impact of global events promoting digital payment uptake can be credited for the growth during the historic period.

How Will the Proximity Payment Market Size Evolve and Grow by 2029?
The market size for proximity payments is anticipated to expand rapidly in the coming years, reaching a whopping $47.15 billion by 2029 with a CAGR of 16.2%. The predicted expansion during the forecast period could be attributed to factors such as the increasing emergence of wearable payment, a rise in the interest for seamless user experiences, an increase in the uptake of mobile wallets, the implementation of contactless payment solutions, and a surge in the prevalence of smartphones. Noteworthy trends for the forecast period encompass the acceptance of NFC-enabled devices, the execution of advanced biometric authentication methods, the growing popularity of wearable payment devices, the rising use of Internet of Things (IoT) devices for effortless payment experiences, and continuous innovative strides in mobile wallet technologies.

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What Drivers Are Propelling the Growth of Proximity Payment Market Forward?
The growth of the proximity payment market is being fueled by the escalating adoption of contactless payment methods. Contactless payment involves a secured mode of carrying out transactions using payment devices such as credit or debit cards, smartphones, or wearable devices, eliminating the need for physical swiping, inserting, or handing over of the payment device. The surge in the adoption of contactless payment can be attributed to its convenience, speed, preference amongst consumers, and its security features, which contribute to the larger acceptance of the proximity payment systems. Proximity payments enable effortless transaction due to swift and secure payment processing as long as the devices are in close proximity. For example, the European Central Bank in Germany recorded in January 2024, that the number of contactless card payments during the first half of 2023 elevate by 24.3% from 20.9 billion in the prior half in 2022. The corresponding total value also witnessed an increase by 25.9% hitting €0.5 trillion (545.27 billion). Consequently, the growing adoption of contactless payment methods is the driving force behind the growth of the proximity payment market.

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Which Emerging Trends Are Transforming the Proximity Payment Market in 2025?
Leading proximity payment market players are striving to improve transaction speed and security as well as enhance customer convenience by developing cutting-edge solutions such as mobile payments. This involves using a mobile gadget to execute contactless payments by merely bringing the device close to a compatible payment terminal. For example, in March 2022, UPI 123Pay - a groundbreaking mobile payment option was launched as a result of a collaboration between the Reserve Bank of India and the National Payment Corporation of India, both based in India. This system enables users to carry out transactions without needing an internet connection, thus broadening its usability to include feature phone owners. Via the installation of a UPI app, these users can carry out UPI operations just like smartphone users. The system rides on sound waves for offline, contactless transactions, with payments facilitated through being in close proximity to a merchant's device. The process of using UPI123Pay is broken down into three straightforward steps: calling, selecting, and paying.

What Are the Key Segments in the Proximity Payment Market?
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

Subsegments:
1) By Solution: Payment Terminals, Near Field Communication (NFC) Software, Mobile Wallet Applications, Tokenization Platforms
2) By Service: Implementation and Integration Services, Support and Maintenance Services, Consulting Services, Managed Services

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Who Are the Key Players Shaping the Proximity Payment Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Proximity Payment Market?
North America was the largest region in the proximity payment market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the proximity payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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