Published Date : 15 Nov 2022
The global proximity payment market size was exhibited at USD 15.79 billion in 2022 and is expected to hit around USD 42.72 billion by 2030, poised to grow at a projected CAGR of 13.2% during the forecast period 2022 to 2030.
Proximity payments are the type of payment where the payer and the payee should be in close proximity and should be able to communicate their devices using proximity technology such as Near Field Communication (NFC), Quick Response (QR) codes, Bluetooth technology, others. This payment system allows the devices to communicate and make payments at a physical point-of-sale terminal. Using a mobile phone, the proximity payment is initiated utilizing near-field communication (NFC) technology. Also, by using the contactless payment card proximity payments are extensively done. The contactless card has a chip inside it that emit radio waves which are picked up by the reader (RFID reader) and the required payment is performed.
Crucial Factors Accountable for Market Growth are:
Proximity Payment Market Report Scope
|Market Size In 2022||USD 15.79 Billion|
|Market Size By 2030||USD 42.72 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 13.2%
|Forecast Period||2022 to 2030|
Europe on the other hand is dominating the proximity payment market owing to the increased awareness among users regarding the benefits of proximity payments and the Government policies that favors the implementation of hassle-free and safe proximity payment systems.
Asia Pacific region is expected to dominate the proximity payment during the forecast period owing to the presence of developing nations such as India, China, Japan, and Australia. These countries provide a stable ecosystem that fosters the growth of the proximity payment market.
The surge in the usage of smartphones that facilitates proximity payments is a significant factor that drives market growth. Moreover, the rise in the adoption of proximity payments among merchants and the faster connectivity to enable proximity payment are some of the factors that will drive the growth of the proximity payment market. For instance, On 24th June 2021, FIS, a leader in financial technology announced that Rye, NY-based USALLIANCE Financial has selected the FIS Payments One platform to streamline and modernize its portfolio of credit and debit card digital payment offerings for its member.
The major restraining factor that will negatively impact the growth of the Proximity Payment Market includes the surge in data breaches and the availability of safe and robust payment infrastructure across the globe.
With the advancement of technologies, the service providers of the payment gateways are now implementing innovative techniques that provide hassle-free payment experience to the user and this factor will find huge opportunities in the upcoming years.
The major and most important challenge faced by the Proximity Payment Market is the safety of the transaction. The unavailability of faster connectivity that fosters proximity payment in all parts of the world will pose a huge challenge to market growth.
Key Market Players
Segments Covered in the Report
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