The proximity payment global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Proximity Payment Market, 2024The proximity payment global market report 2024
Market Size –
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 growth in the historic period can be attributed to the expansion of contactless payment infrastructure, rising consumer preference for convenience, regulatory support for digital payments, growth in e-commerce transactions, and the influence of global events accelerating digital payment adoption.
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%. The growth in the forecast period can be the rising emergence of wearable payment, increasing demand for seamless user experiences, growth in mobile wallet usage, incorporation of contactless payment solutions, and growing adoption of smartphones. Major trends in the forecast period include the adoption of NFC-enabled devices, the integration of advanced biometric authentication methods, the emergence and popularity of wearable payment devices, increasing utilization of Internet of Things (IoT) devices for seamless payment experiences, and ongoing innovation in mobile wallet technologies.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/proximity-payment-global-market-report
Scope Of Proximity Payment MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Proximity Payment Market Overview
Market Drivers –
The increasing adoption of contactless payment methods is likely to propel the growth of the proximity payment market in the coming years. Contactless payment is a secure method for completing transactions using devices like credit or debit cards, smartphones, or wearables, without needing to physically swipe, insert, or hand over the payment instrument. The rise in contactless payment adoption is driven by its convenience and speed, consumer preferences, and enhanced security features. Proximity payments enable quick and secure transaction processing when devices are in close proximity. For instance, the European Central Bank reported in January 2024 that 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 growing adoption of contactless payment methods is significantly contributing to the growth of the proximity payment market.
Market Trends –
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.
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
Get an inside scoop of the proximity payment market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=18707&type=smp
Regional Insights –
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.
Key Companies –
Major companies in the 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
Table of Contents
1. Executive Summary
2. Proximity Payment Market Characteristics
3. Proximity Payment Market Trends And Strategies
4. Proximity Payment Market – Macro Economic Scenario
5. Global Proximity Payment Market Size and Growth
.
.
.
32. Global Proximity Payment Market Competitive Benchmarking
33. Global Proximity Payment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Proximity Payment Market
35. Proximity Payment Market Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
