A mobile proximity payment occurs when the payer and the payee are in the same location and interact with their devices using proximity technology (such as Near Field Communication (NFC), Quick Response (QR) codes, Bluetooth technology, etc.). Mobile contactless payments are part of the family of mobile proximity payments. The main payment method may be a credit transfer or card. Both person-to-person and customer-to-business payments (made, for example, at a retail store, parking lot, or on public transit) are included in mobile proximity payments.
The Global Proximity Mobile Payment Market is expected to reach USD 67.47 billion by 2033 with a CAGR of 13.04%, according to SPER market Research, "Proximity Mobile Payment Market Size- By Product Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033."
Real-time transaction processing, versatile payment devices, faster transaction speeds, and increased convenience are just a few benefits of proximity payment technology. The market is expanding because of these causes. The industry is anticipated to grow as a result of retailers accepting proximity payments more widely, the growing use of smartphones, and faster internet. Customers and businesses may now use cellphones to make proximity payments because to these considerations. However, the growing number of data breaches and the difficulties in updating point-of-sale (POS) terminals are impeding the market's growth. Growing middle-class populations, rapid urbanisation, rising literacy rates, and a younger, tech-savvy generation are just a few of the factors that make emerging countries a great place for proximity payment companies to expand their product lines. Additionally, it is anticipated that increased activity and developments towards digitalised payments may present a path for market growth.
It is anticipated that the mobile payments industry would have growing challenges, mostly associated with security concerns pertaining to mobile payment systems. The industry is expected to encounter challenges throughout the projected period due to the increase in globally reported data breaches. How far the mobile payment industry can progress will be limited by the growing quantity and severity of these security incidents. It is anticipated that in the near future, the industry's further development and expansion would be significantly hampered by worries about the vulnerability of mobile payment systems to unauthorised access and data breaches.
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COVID-19's effects on the global market for proximity mobile payments
Due to the increased use and adoption of online and digital payment methods by consumers worldwide, the COVID-19 pandemic has had a significant impact on the proximity payment business. Additionally, banks and retailers are tightening the rules around their proximity payment transactions in response to worries about COVID-19, making it possible to make larger value purchases without having to touch the device. In turn, this has become one of the main factors driving the proximity payment industry's rise in the midst of the worldwide health crisis.
Key Players in the Proximity Mobile Payment Market:
Asia Pacific was the market leader geographically, and during the projection period, shifts in consumer behaviour, the newest developments in e-commerce, and an increase in smartphone penetration are expected to drive regional market expansion. The increasing number of government initiatives in the Asia Pacific region to implement cashless payment systems is expected to create growth opportunities for the regional industry. Growth in North America is predicted to be phenomenal. ACI Worldwide Inc., Alphabet Inc., Mastercard Incorporated, Square Inc., Apple Inc., Visa Inc., and a few more major competitors are also among of the market's major participants.
For More Information, refer to below link:-
Global Proximity Mobile Payment Market Trends
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