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Proximity Payment Market by Device Type (Mobile Device, Point of Sales Terminal, Near-field Communication (NFC), Smart Cards, and Others) and Application (Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, E-commerce & Banking, Financial Services & Insurance, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Feb 2021 | 66 Views
 
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Proximity Payment Market Outlook - 2027

The proximity payment refers to the transactions executed on the same exact location while purchasing any good & services from the seller. The proximity payments system is introduced for smooth & secure payment. Furthermore, the transaction is initiated by scanning the QR code or entering the number into the payment wallet, which after entering the secret PIN finishes the payment and transfers the money into the sellers bank account. Therefore, the growth in the demand for high safety & security methods during the online transaction with an easy access to the seller is expected to boost the proximity payment market growth in the near future.

The global proximity payment market is segmented on the basis of Device Type, Application and Region. Based on Device Type, the proximity payment market is divided into Mobile Device, Point of Sales Terminal, Near-field Communication (NFC), Smart Cards, and Others. On the basis of Application, the market is categorized into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, E-commerce & Banking, Financial Services & Insurance, and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global proximity payment industry include Orange S.A., Vodacom Group Limited, MasterCard Inc., Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global proximity payment market size. 

COVID-19 scenario analysis

  • The proximity payment market share is majorly impacted owing to the lockdown declared by the governments of the affected countries. In addition, the proximity payment industry is hampered severely, as demand for good & services from the sellers with proximity payment has been collapsed amid the COVID-19 pandemic situation.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The growing trust on proximity payment, rise in demand for easy & convenient payment methods, and increase in adoption of smartphones are driving the growth of the market. However, high cost of NFC chip is expected to hamper the growth of the market. Contrarily, progressive & advanced developments in the regulatory framework for the proximity payment can be seen as an opportunity for the market investments.

The global proximity payment market trends are as follows:

Increase in adoption of smartphones:

The penetration of the smartphones has been significantly increasing over the past 5 years in the countries such as Canada, China, India and others. For instance, in the year 2014, approximately 56% of Canadians has smartphone which increased by a total of 12% in the year 2015. Furthermore, the above-mentioned statistics reflects the increased usage of smartphones by the people. Additionally, the introduction of 4th generation of wireless mobile telecommunication in the year 2012 has enabled the consumers to have a delay-free internet service for the proximity payment transactions. Moreover, with evolving technology the smartphones are now available globally to the consumers. Therefore, increase in adoption of smartphones is expected to foster the global proximity payment industry during the forecast period.

The growing trust on proximity payments:

The proximity payment offers easy & convenient collaboration in corporate environment to ensure rapid & secure transaction. The transactions are executed while availing goods & services and provides a secure method which protects the digital footprint of the banking data in the form of secure element. Moreover, the secure element is a secured chip or digital card which makes it difficult to steel the code. Therefore, rise in demand for easy and convenient payment method, will foster the growth for the global proximity payment market during the forecast period.

Key segments covered:

Segments

Subsegments

  Device Type

  • Mobile Device
  • Point of Sales Terminal
  • Near-Field Communication (NFC)
  • Smart Cards
  • Others

  Application

  • Entertainment
  • Energy & Utilities
  • Healthcare
  • Retail
  • Hospitality & Transportation
  • E-Commerce
  • Banking, Financial Services & Insurance (BFSI)
  • Others

 

Key benefits of the report:

  • This study presents analytical depiction of the global proximity payment market analysis along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global proximity payment market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Device Type, Application and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa

  Companies covered

Major players analyzed include Orange S.A., Vodacom Group Limited, MasterCard Inc., Bharti Airtel Limited, MTN Group Limited, Safaricom Limited, PayPal Holdings Inc., Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, and Mahindra Comviva.

 

Questions answered in the proximity payment market research report:    

  • Which are the leading players active in the global proximity payment market forecast?
  • What would be the detailed impact of COVID-19 on the global proximity payment market?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global proximity payment market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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