Proximity Mobile Payment Market Introduction and Overview
According to SPER Market Research, the Global Proximity Mobile Payment Market is estimated to reach USD 67.47 billion by 2033 with a CAGR of 13.04%.
The report includes an in-depth analysis of the Global Proximity Mobile Payment market, including market size and trends, product mix, distribution channels, and supplier analysis. Proximity mobile payments are POS (Point-of-sale) transactions in which a mobile device is used as a payment method. Includes tapping, scanning, swiping, or checking in with a mobile device at the POS to complete the transaction; accepts digital goods buys on mobile devices, remote purchases on mobile devices that are delivered later, and a smartphone transactions.
- In recent years, prominent companies in the proximity mobile payment market have implemented a variety of strategic initiatives, such as facility expansions and alliances. Apple Pay is the most popular proximity mobile payment service in the United States, accounting for almost half of all customers. Zelle has maintained its lead in peer-to-peer payments since 2021.
Market Opportunities and Challenges
The Proximity Mobile Payment industry is an exciting opportunity for businesses and investors alike, due to changing consumer tastes and the increased usage of digital payment solutions. As the globe becomes more connected through smartphones and other smart devices, proximity mobile payments' ease and security have positioned this sector for major growth. Market prospects abound as consumers seek speedier, contactless, and hassle-free payment alternatives, particularly in the aftermath of global health and hygiene disasters. Furthermore, the incorporation of technology such as NFC (Near Field Communication), QR codes, and mobile wallets has made it easier for enterprises to enter this market and offer smooth payment experiences.
While the Proximity Mobile Payment market is ripe with opportunity, it is also faces serious challenges. One of the most major challenges is widespread worry about security, as both consumers and organizations want strong safeguards against potential data breaches and cyber threats. The lack of worldwide standards poses a standardization difficulty, potentially limiting interoperability and leading to market fragmentation. Building consumer trust continues to be a critical challenge, needing significant efforts to alleviate concerns about payment security and data privacy.
Market Competitive Landscape
As new entrants and technologies arise, the competitive landscape is always changing. Partnerships and collaborations are frequent as businesses strive to broaden their reach and provide integrated solutions. Success in this industry is determined by aspects such as security, user experience, acceptance of new technologies (e.g., NFC, QR codes), and the capacity to successfully answer consumer requirements and preferences. Some of the market key players include ACI Worldwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product, By End User
|
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
|
| Companies Covered | ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
|
COVID-19 Impact on Global Proximity Mobile Payment Market
The COVID-19 pandemic has a significant impact on the Proximity Mobile Payment business. As the world faced lockdowns, social distancing measures, and increased hygiene concerns, the demand for contactless and touch-free payment systems increased dramatically. This unexpected surge in popularity was mostly driven by consumers' desire to avoid physical touch with cash, credit cards, and payment terminals in order to lessen the danger of virus transmission. Mobile wallets and apps, which provide a convenient and safe way to make payments using smartphones, have become a popular choice for people all over the world.
Key Target Audience:
- Consumers
- Small and Large Business
- Financial Institutions and Payment Processors
- Technology Providers
- Educational Institutions
Our in-depth analysis of the Proximity Mobile Payment Market includes the following segments:
|
By Product:
|
Barcodes
Near Field Communication
|
|
By End User:
|
Hospitality and Tourism
IT and Telecommunications
Aviation
Retail
Media and Entertainment
BFSI
Healthcare
|
Key Topics Covered in the Report:
- Global Proximity Mobile Payment Market Size (FY’2023-FY’2033)
- Overview of Global Proximity Mobile Payment Market
- Segmentation of Global Proximity Mobile Payment Market By Product (Barcodes, Near Field Communication)
- Segmentation of Global Proximity Mobile Payment Market By End User (Hospitality and Tourism, IT and Telecommunications, Aviation, Retail, Media and Entertainment, BFSI, Healthcare)
- Statistical Snap of Global Proximity Mobile Payment Market
- Expansion Analysis of Global Proximity Mobile Payment Market
- Problems and Obstacles in Global Proximity Mobile Payment Market
- Competitive Landscape in the Global Proximity Mobile Payment Market
- Impact of COVID-19 and Demonetization on Global Proximity Mobile Payment Market
- Details on Current Investment in Global Proximity Mobile Payment Market
- Competitive Analysis of Global Proximity Mobile Payment Market
- Prominent Players in the Global Proximity Mobile Payment Market
- SWOT Analysis of Global Proximity Mobile Payment Market
- Global Proximity Mobile Payment Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Proximity Mobile Payment Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Proximity Mobile Payment Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Promixity Mobile Payment Market
7. Global Proximity Mobile Payment Market, By Product (USD Million)
7.1. Global Proximity Mobile Payment Market Value Share and Forecast, By Product, 2023-2033
7.2. Barcodes
7.3. Near Field Communication
8. Global Proximity Mobile Payment Market, By End User (USD Million)
8.1. Global Proximity Mobile Payment Market Value Share and Forecast, By End User, 2023-2033
8.2. Hospitality and Tourism
8.3. IT and Telecommunications
8.4. Aviation
8.5. Retail
8.6. Media and Entertainment
8.7. BFSI
8.8. Healthcare
9. Global Proximity Mobile Payment Market Forecast, 2019-2033 (USD Million)
9.1. Global Proximity Mobile Payment Market Size and Market Share
10. Global Proximity Mobile Payment Market, By Product, 2019-2033 (USD Million)
10.1. Global Proximity Mobile Payment Market Size and Market Share By Product (2019-2026)
10.2. Global Proximity Mobile Payment Market Size and Market Share By Product (2027-2033)
11. Global Proximity Mobile Payment Market, By End User, 2019-2033 (USD Million)
11.1. Global Proximity Mobile Payment Market Size and Market Share By End User (2019-2026)
11.2. Global Proximity Mobile Payment Market Size and Market Share By End User (2027-2033)
12. Global Proximity Mobile Payment Market, By Region, 2019-2033 (USD Million)
12.1. Global Proximity Mobile Payment Market Size and Market Share By Region (2019-2026)
12.2. Global Proximity Mobile Payment Market Size and Market Share By Region (2027-2033)
12.3. Asia-Pacific
12.3.1. Australia
12.3.2. China
12.3.3. India
12.3.4. Japan
12.3.5. South Korea
12.3.6. Rest of Asia-Pacific
12.4. Europe
12.4.1. France
12.4.2. Germany
12.4.3. Italy
12.4.4. Spain
12.4.5. United Kingdom
12.4.6. Rest of Europe
12.5. Middle East and Africa
12.5.1. Kingdom of Saudi Arabia
12.5.2. United Arab Emirates
12.5.3. Rest of Middle East & Africa
12.6. North America
12.6.1. Canada
12.6.2. Mexico
12.6.3. United States
12.7. Latin America
12.7.1. Argentina
12.7.2. Brazil
12.7.3. Rest of Latin America
13. Company Profile
13.1. ACI Worldwide Inc.
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Alphabet, Inc.
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Apple Inc.
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Mastercard Incorporated
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Square Inc.
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent development
13.6. Visa Inc.
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent development
13.7. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
