Global Proximity Payment Market (2021 to 2030) - by Offering, Application and Region - ResearchAndMarkets.com - Business Wire

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DUBLIN--(BUSINESS WIRE)--The "Proximity Payment Market by Offering and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

Proximity payments are mobile payments in which the payer and the payee are in the same location and encompass payments that are both customer-to-business and person-to-person. In addition, while executing proximity payment, communication between devices takes place through a proximity technology such as Near Field Communication (NFC), Quick Response (QR) codes, and Bluetooth technology. Furthermore, unlike mobile payments that are executed through the internet, proximity payments are carried out in close physical proximity preventing unauthorized access to payment information during the transactions.

With evolving technologies, smartphones are increasingly available at reasonable prices and are being affordable for customers, which promote the proximity payment market growth. In addition, massive adoptions of proximity payments channel among merchants and numerous benefits provided by proximity payments drives the market growth. These factors notably contribute toward the growth of the global proximity payment market.

However, risk in data breaches and security issues while conducting payments and difficulties in the replacement process of point-of-sale (POS) terminal are some of the factors that hamper the market growth. On the contrary, payment industry is introducing a gradual shift toward a digital economy across several countries. In addition, the growing adoption of proximity payment market across emerging economies and rapid digitalization in payments sector are expected to provide lucrative opportunities for the market growth in the coming years.

The proximity payment market is segmented into offering, application, and region. By offering, the market is bifurcated into solution and service. The solutions segment is further segregated into hardware and software. Applications covered in the study include grocery stores, bars & restaurants, drug stores, entertainment centers, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the top proximity payment companies operating in the market such as ACI Worldwide, Inc., Alphabet Inc. (Google), Apple Inc., FIS, IDEMIA, Ingenico, Mastercard, PayPal Holdings Inc., Square, Inc., and Visa Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the proximity payment industry.

Key Benefits for Stakeholders

• The study provides in-depth analysis of the global proximity payment market along with the current trends and future estimations to illustrate the imminent investment pockets.
• Information about key drivers, restrains, & opportunities and their impact analysis on the global proximity payment market size are provided in the report.
• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the global proximity payment market from 2021 to 2030 is provided to determine the market potential.

Market Dynamics

Drivers

• Increased penetration of smartphones and access to high-speed internet
• Massive adoption of proximity payments among merchants
• Numerous benefits provided by proximity payments

Restraint

• Difficulties in the replacement process of point-of-sale (POS) terminal
• Rise in data breaches and security issues while conducting payments

Opportunity

• Surge in adoption of proximity payments payment in emerging countries
• Rapid digitalization in payments sector

Key Market Segments

By Offering

• Solution
• Hardware
• Software
• Service

By Application

• Grocery Stores
• Bars & Restaurants
• Drug Stores
• Entertainment Centers
• Others

By Region

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Russia
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Australia
• Singapore
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• ACI Worldwide, Inc.
• Alphabet Inc. (Google)
• Apple Inc.
• FIS
• IDEMIA
• Ingenico
• Mastercard
• PayPal Holdings Inc.
• Square, Inc.
• Visa Inc.

For more information about this report visit https://www.researchandmarkets.com/r/tsky2f

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