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How has the proximity payment market size evolved in recent years?

The market size for near field payments has witnessed swift expansion in the past few years. The sector is projected to inflate from $22.2 billion in 2024 and rise to $25.83 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 16.4%. Various factors have contributed to the past growth, such as advancing contactless payment infrastructure, increasing customer inclination towards user-friendly options, support from regulatory bodies for digital payments, and the rise in e-commerce trade. Global happenings that encourage the uptake of digital payments have also been a significant influence.

What are the predictions for the proximity payment market size in the coming years?

The proximity payment market size is expected to see rapid growth in the next few years. It will grow to $47.15 billion in 2029 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be the rising emergence of wearable payment, increasing demand for seamless user experiences, growth in mobile wallet usage, incorporation of contactless payment solutions, and growing adoption of smartphones. Major trends in the forecast period include the adoption of NFC-enabled devices, the integration of advanced biometric authentication methods, the emergence and popularity of wearable payment devices, increasing utilization of Internet of Things (IoT) devices for seamless payment experiences, and ongoing innovation in mobile wallet technologies.

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What key factors are fueling the growth of the proximity payment market?

The emergence and popularity of contactless payment methods are set to fuel the expansion of the proximity payment market. This process involves the secure fulfillment of transactions using a payment device – be it a debit or credit card, smartphone, or wearable device – negating the need for swiping, inserting, or physically passing the payment tool. The surging uptake of contactless payments is credited to its convenience and swiftness, consumer preferences and security features, all of which encourage the implementation of contactless payment systems. Proximity payments endorse contactless transactions by allowing for a safe and swift payment process when devices are in close proximity. For instance, the European Central Bank reported in January 2024 that the number of contactless card payments in the first six months of 2023 experienced a growth of 24.3% from 20.9 billion in the first six months of 2022. The cumulative total value also escalated by 25.9% to €0.5 trillion (545.27 billion). Thus, the burgeoning use of contactless payment avenues contributes to the progression of the proximity payment market.

How is the global proximity payment market divided into key segments?

The proximity payment market covered in this report is segmented –

1) By Offering: Solution, Service

2) By Platform: Android, iPhone Operating System (iOS), Other Platforms

3) By Application: Grocery Stores, Bars And Restaurants, Drug Stores, Entertainment Centers, Other Applications

Subsegments:

1) By Solution: Payment Terminals, Near Field Communication (NFC) Software, Mobile Wallet Applications, Tokenization Platforms

2) By Service: Implementation and Integration Services, Support and Maintenance Services, Consulting Services, Managed Services

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Who are the key players steering the development of the proximity payment market?

Major companies operating in the proximity payment market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Group, Wells Fargo & Company, American Express Company, Visa Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Inc., Thales Group, Fiserv Inc., Stripe Inc., NXP Semiconductors N.V., Garmin Ltd., Revolut, Worldpay LLC, Adyen N.V., Ingenico, SumUp Inc., PAX Technology, Clover Network LLC, VeriFone Inc., BitPay, Huawei Device Co. Ltd

How are evolving market trends shaping proximity payment Strategies?

Top corporations in the proximity payment field are dedicated to designing innovative approaches such as mobile payments. This aims to boost transaction efficiency, strengthen security, and amplify user satisfaction. Mobile payment involves using a mobile gadget to conduct payments without any physical contact, simply by bringing the device near to a compatible payment terminal. For example, in March 2022, India’s central bank and regulatory authority, the Reserve Bank of India, partnered with the National Payment Corporation of India. Together, they introduced UPI 123Pay, a novel mobile payment facility, which enables transactions without needing internet connectivity, making it a viable option for feature phone users. Upon installing a UPI application, these users can access UPI services similar to smartphone users. This technique uses sound waves for offline, proximity-based transactions, enabling payments close to a retailer’s device. The UPI123Pay system is simplified into three actions: call, select, and pay.

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What regions are contributing significantly to the growth of the proximity payment market?

North America was the largest region in the proximity payment market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the proximity payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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