When a payment device, like a smartphone or contactless card, is physically close to a point-of-sale (POS) terminal or another payment recipient, it can start a proximity payment, also referred to as a contactless payment. This technology eliminates the need for physical contact between the payment device and the terminal, enabling safe and practical transactions. Additionally, the widespread use of proximity payment by stores, the increase in smartphone usage, and the acceleration of faster connectivity have made it possible for consumers and retailers to use smartphones for proximity payment, which is driving market expansion.
According to SPER market research, ‘Proximity Mobile Payment Market Size- By Product, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033 state that the Proximity mobile payment market is predicted to reach USD 67.47 billion by 2033 with a CAGR of 13.04%.
Proximity payment offers several advantages, such as instantaneous transaction processing, flexible payment methods, shorter transaction durations, and heightened convenience, all of which foster the market's expansion. These factors are driving the market's expansion. The market is expected to grow due to the widespread acceptance of proximity payment by shops, as well as the increased use of smartphones and quicker internet. These factors have made it possible for customers and retailers to perform proximity payments using smartphones.
One major obstacle to the growth of the mobile payment business is security concerns. The likelihood of fraud, identity theft, and data breaches rises with the popularity of digital transactions. Users' faith in mobile payment systems is impacted by their concerns about the security of their financial information. Strong encryption, authentication techniques, and cybersecurity standards are needed to address these issues. It is imperative to consistently improve security protocols in order to foster consumer trust and encourage broader acceptance of mobile payment systems.
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The COVID-19 outbreak has had a significant impact on the proximity payment industry since customers worldwide are utilising and embracing online and digital payment methods at a higher rate. Furthermore, in response to COVID-19 concerns, banks and merchants are tightening limitations on proximity payment transactions, allowing higher-value payments to be made without physically touching the device. As a result, amid the global health crisis, this has emerged as a key growth driver for the proximity payment industry.
Proximity Mobile Payment Market Key Players:
Because of the digital economy, it is utilised for a variety of applications, including fraud detection. One of the primary drivers driving market development is an increase in AI investments. North America has the largest revenue share geographically. The expansion is also supported by the growth of the Proximity mobile payment industry and the emergence of prominent companies in the Asia-Pacific market. Furthermore, it is expected that the increased acceptance of proximity mobile payment markets would facilitate operations with the least complex procedures while increasing market power. Additionally, ACI Worldwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, and others.
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Proximity Phone payment market Outlook
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