The proximity payment market demand stood at US$ 13.97 billion in 2021 and is forecast to reach US$ 42.72 billion by 2030, growing at a healthy CAGR of 13.2% from 2021-2030, according to a 2021 study by Precedence Research, the Canada-based market Insight Company. The report contains 150+ pages with detailed analysis.
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Growth Factors
The major benefits that is provided by the proximity payment systems include flexibility of payment devices, reduced transaction time, Real-time transaction processing and increase in convenience. All these factors are expected to drive the growth of the market. Moreover, the massive adoptions of proximity payments among the merchants and the surge in the usage of the Smartphone that facilitate the proximity payments are some of the attributes that contributes significantly towards the market growth. For instance, On 24th June 2021, FIS, a financial technology pioneer, announced that USALLIANCE Financial, based in Rye, New York, has chosen the FIS Payments One platform to streamline and modernize its credit and debit card digital payment options for its members.
Market Report Scope
| Report Highlights | Details |
| Market Size | USD 42.72 Billion by 2030 |
| Growth Rate | CAGR of 13.2% From 2021 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Offering, Application, Geography |
Competition Landscape
In the final section of the research report, Precedence Research provided the global proximity payment market structure and a detailed competition landscape to provide a dashboard view of key players operating in the proximity payment market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.
Some of the major players in the proximity payment market include:
- ACI Worldwide Inc.
- Alphabet Inc.
- Apple Inc.
- FIS
- IDEMIA
- Ingenico
- Mastercard
- PayPal Holdings Inc.
- Square Inc.
- Visa Inc.
Market Overview
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, the Middle East and Africa. This research report offers scenario and forecast (revenue/volume) and categorizes the market by key players and various segments. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
COVID-19 Impact on Proximity Payment Market
The outbreak of the COVID-19 pandemic has had a substantial impact on the proximity payment market. Factors such as high utilization and adoption of online & digital payment methods among consumers across the world are responsible for this. In addition, banks and retailers have been swift in responding to the panic situation emerging out of COVID-19 and hence raised the limits on their proximity payment transactions so that payments of high value can be initiated without having to touch the terminal. As a result, the proximity payment market has witnessed a massive demand during the COVID-19 pandemic. Since the onset of the COVID-19 pandemic, the inclination towards proximity payments has substantially grown. This is attributed to the fact that banks, merchants, and fintech industries are putting efforts to cut down their operational costs and enhancing the digital experience for their customers.
Market Segmentation
By Offering
- Solution
- Hardware
- Software
- Service
By Application
- Grocery Stores
- Bars & Restaurants
- Drug Stores
- Entertainment Centers
- Others
Regional Segmentation
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Research Methodology
Secondary Research
It involves company databases such as Hoover’s: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Why should you invest in this report?
If you are aiming to enter the global proximity payment market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for proximity payment are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Proximity Payment Market
5.1. COVID-19 Landscape: Proximity Payment Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Proximity Payment Market, By Offering
8.1. Proximity Payment Market, by Offering Type, 2021-2030
8.1.1. Solution (Hardware, Software)
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Service
8.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Proximity Payment Market, By Application
9.1. Proximity Payment Market, by Application, 2021-2030
9.1.1. Grocery Stores
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Bars & Restaurants
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Drug Stores
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Entertainment Centers
9.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Proximity Payment Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Offering (2019-2030)
10.1.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Offering (2019-2030)
10.2.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Offering (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Offering (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Offering (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Offering (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Offering (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Offering (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Offering (2019-2030)
10.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Offering (2019-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Offering (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
Chapter 11. Company Profiles
11.1. ACI Worldwide Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Alphabet Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Apple Inc.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. FIS
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. IDEMIA
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Ingenico
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Mastercard
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. PayPal Holdings Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Square Inc.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Visa Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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