Real-time transaction processing, decreased transaction time, the flexibility of payment devices, and augment in convenience are some of the foremost benefits delivered by the proximity mobile payment market, which fosters market growth. Moreover, the massive implementation of proximity mobile payment among merchants and increment in the utilization of smartphones & surge in speedier connectivity have enabled retailers and clients to conduct proximity payment via their smartphones driving the growth of the market. Emerging regions propose progressive opportunities for proximity mobile payment companies to prolong their offerings, due to aspects such as growth in the middle-class segment, speedy urbanization, increase in literacy level, and augment in the tech-savvy youth generation.
Nonetheless, growth in developments & initiatives toward digitalized payments is predicted to deliver a potential growth opportunity for the market.
According to the SPER market research, ‘Global Proximity Mobile Payment Market– By Products (Barcodes, Near Field Communication), By Applications (Hospitality and Tourism, IT and Telecommunications, Aviation, Retail, Media and Entertainment, BFSI, Healthcare), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027’ state that the global proximity mobile payment market has the potential to rise with USD 700.4 billion, with historical CAGR in the forecast period from 2020-2027. Aspects propelling the market requirement for proximity mobile payment are penetration of smartphones, innovation in technology, and fostering cases of unsecured bank transactions.
The surge in speedier connectivity has encouraged customers and merchants to execute proximity payments and this aspect propels the growth of the market. The emerging countries propose a broad range of opportunities for market growth due to the growth of the middle-class sector, increase in literacy levels, speedy urbanization, and several others. Nonetheless, the Government initiative to encourage digital payments in order to circumvent money laundering activities is predicted to foster the growth of the proximity mobile payment market.
The growing payment proficiency and customer convenience with decreasing functional costs are some of the aspects that propel the market growth. The implementation of proximity mobile payments will decrease paper-based transactions and therefore it is considered a good green initiative. Moreover, with the speedy urbanization, smartphones have become an essential commodity in the life of an individual and therefore this augmented penetration of smartphones in the lives of clients has propelled the growth of the proximity mobile payment market.
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During the post-pandemic era, contactless payments have become one of the primary aspects of underwriting progressively toward market growth. In addition, government around the globe is encouraging digital payments and motivating banks to construct robust payment gateways to safeguard the proximity mobile payments and this will positively underwrite the growth of the proximity mobile payment market.
North America is predicted to observe progressive growth over the review period. It is characterized by the existence of different key market players. The region has also been an early adopter of the latest and innovative technologies. The increasing number of unmanned stores in the U.S. is also propelling the adoption of mobile payments. The growth in the e-commerce industry is majorly accountable for the extensive implementation of mobile payment solutions in North America.
Sara Lopes, Business Consultant –USA
SPER Market Research