Proximity Payment Market Expected to Garner $46.80 Billion By 2030: Allied Market Research

According to the report published by Allied Market Research, the global proximity payment market generated $13.98 billion in 2020, and is expected to reach $46.80 billion by 2030, exhibiting a CAGR of 12.9% from 2021 to 2030. The report delivers in-depth data related to key players, restraints, key drivers, and opportunities with detailed impact analysis.

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Rise in penetration of smartphones, availability of high-speed internet, widespread adoption of proximity payments among merchants and customers, and attractive benefits offered by proximity payments are some of the factors driving the global proximity payment market growth.

However, difficulties in replacing point-of-sale (POS) solutions and increase in data breaches and security issues while performing payments hinder the market growth. On the other hand, factors such as increase in acceptance of proximity payments in developing economies and rapid digitalization are expected to open many doors of opportunities to the market.

COVID-19 Scenario:

COVID-19 pandemic impacted the global proximity payment industry significantly owing to social distancing regulations, which encouraged adoption of contactless payments and increased usage of online & digital payment methods.
Banks and retailers are responding by expanding limits on their proximity payment transactions to allow higher-value payments.
The global proximity payment market is segmented into the offering, solution, application, and region. Based on offering, the solution segment held the largest market share in 2020, contributing to more than three-fourths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the service segment is projected to witness the fastest CAGR of 14.7% from 2021 to 2030.

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Based on application, the grocery stores segment contributed to the largest share in 2020, accounting for nearly one-third of the global proximity payment market. The same segment is expected to lead the market during the forecast period. However, the entertainment centre's segment is expected to manifest the highest CAGR of 14.4% from 2021 to 2030.

Based on region, Europe contributed to the highest share in 2020, followed by Asia-Pacific and North America, holding nearly two-fifths of the total share. On the other hand, North America is anticipated to manifest the fastest CAGR of 14.3% during the forecast period.

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Leading players of the global proximity payment market analyzed in the research include PayPal Holdings Inc., Alphabet Inc. (Google), Apple Inc., ACI Worldwide, Inc., FIS, Ingenico, Mastercard, IDEMIA, Square, Inc., and Visa Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domain.

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