According to Precedence Research, the global proximity payment market size is forecasted to reach US$ 42.72 billion by 2030 from US$ 13.97 billion in 2021, by growing at a lucrative CAGR of 13.2% between 2021 and 2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
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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. Payments from the FIS One platform combines credit and debit card processing, loyalty, fraud protection, and card manufacturing into a single programmed. This will help USALLIANCE Financial to benefits form the robust capabilities of FIS’ Payments One to streamline and modernize its portfolio of card offerings.
Scope of the Proximity Payment Market Report
| Report Highlights | Details |
| Market Size | USD 42.72 Billion by 2030 |
| Growth Rate | CAGR of 13.2% From 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Offering, Application, Geography |
Competitive Intelligence
The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the prominent players in the global proximity payment market are listed as below:
- ACI Worldwide Inc.
- Alphabet Inc.
- Apple Inc.
- FIS
- IDEMIA
- Ingenico
- Mastercard
- PayPal Holdings Inc.
- Square Inc.
- Visa Inc.
COVID-19 Impact
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 Dynamics
Drivers
- Increased penetration of smartphones and access to high-speed internet
- Numerous benefits provided by proximity payments
- Massive adoption of proximity payments among merchants
Restraint
- Rise in data breaches and security issues while conducting payments
- Difficulties in the replacement process of point-of-sale (POS) terminal
Opportunity
- Surge in adoption of proximity payments payment in emerging countries
- Rapid digitalization in payments sector
Segments Covered in the Report
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)
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
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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