Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Proximity Payment Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This Proximity Payment market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The proximity payment market size has grown rapidly in recent years. It will grow from $19.17 billion in 2023 to $22.2 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The proximity payment market size is expected to see rapid growth in the next few years. It will grow to $40.6 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%.
The historical growth can be attributed to the expansion of contactless payment infrastructure, increased consumer preference for convenience, supportive regulations for digital payments, a rise in e-commerce transactions, and the impact of global events accelerating the adoption of digital payments.
Growth during the forecast period can be attributed to the rise of wearable payment options, increased demand for seamless user experiences, growth in mobile wallet usage, the incorporation of contactless payment solutions, and the growing adoption of smartphones. Key trends in the forecast period include the adoption of NFC-enabled devices, integration of advanced biometric authentication methods, the rise and popularity of wearable payment devices, increased use of Internet of Things (IoT) devices for seamless payment experiences, and continuous innovation in mobile wallet technologies.
The increasing adoption of contactless payment methods is projected to drive the growth of the proximity payment market. Contactless payment is a secure transaction method using payment devices, such as credit or debit cards, smartphones, or wearables, without the need for physical swiping, inserting, or handing over the payment instrument. The rise in contactless payment adoption is attributed to its convenience, speed, consumer preferences, and security features.
Proximity payments enable quick and secure transactions when devices are in close proximity. For example, in January 2024, the European Central Bank, a Germany-based central bank serving European Union countries, reported a 24.3% increase in contactless card payments in the first half of 2023, rising to 20.9 billion transactions compared to the same period in 2022. The total transaction value also increased by 25.9% to €0.5 trillion ($545.27 billion). Consequently, the growing adoption of contactless payment methods is driving the expansion of the proximity payment market.
Key players in the proximity payment market are concentrating on developing advanced solutions, such as mobile payment technologies, to enhance transaction speed, security, and customer convenience. Mobile payment involves using a mobile device to make contactless payments by tapping it near a compatible payment terminal. For instance, in March 2022, the Reserve Bank of India, an India-based central bank and regulatory authority, partnered with the National Payment Corporation of India to launch UPI 123Pay, a new mobile payment option.
This service allows users to make payments without an internet connection, making it accessible for feature phone users. By installing a UPI app, feature phone users can perform UPI functions similar to those on smartphones. This method employs sound waves for offline, contactless transactions, enabling payments through proximity to a merchant’s device. The UPI123Pay process involves three simple steps, call, choose, and pay.
In September 2022, Poste Italiane S.p.A., an Italy-based postal service company, acquired LIS Holding S.p.A. for $714.5 million. This acquisition enhances PostePay’s capability to facilitate proximity payments involving mobile transactions at physical locations. The transaction aligns with Poste Italiane’s 24SI plan, which focuses on developing an integrated services ecosystem to expand product offerings, particularly for small and medium-sized enterprises (SMEs), and to strengthen its overall digital services ecosystem. LIS Holding S.p.A. is an Italy-based provider of proximity payment services.
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. The countries covered in the proximity payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Proximity Payment Market Competitive Landscape and Company Profiles
- Amazon.Com Inc.
- Apple Inc.
- Google LLC
- Samsung
- Wells Fargo
Proximity Payment Market Other Major and Innovative Companies
- American Express Company
- Visa Inc.
- PayPal Holdings Inc.
- The PNC Financial Services Group Inc.
- Mastercard
- Thales
- Fiserv Inc.
- Stripe Inc.
- NXP Semiconductors
- Garmin Ltd.
- Revolut
- Worldpay LLC
- Adyen N.V.
- Ingenico
- SumUp Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $22.2 Billion |
| Forecasted Market Value (USD) by 2028 | $40.6 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Proximity Payment Market Characteristics
3. Proximity Payment Market Trends and Strategies
4. Proximity Payment Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Proximity Payment Market Size and Growth
5.1. Global Proximity Payment Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Proximity Payment Historic Market Size and Growth, 2018 – 2023, Value ($ Billion)
5.3. Global Proximity Payment Forecast Market Size and Growth, 2023 – 2028, 2033F, Value ($ Billion)
6. Proximity Payment Market Segmentation
6.1. Global Proximity Payment Market, Segmentation by Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
6.2. Global Proximity Payment Market, Segmentation by Platform, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Android
- I-Phone Operating System (IOS)
- Other Platforms
6.3. Global Proximity Payment Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Grocery Stores
- Bars and Restaurants
- Drug Stores
- Entertainment Centers
- Other Applications
7. Proximity Payment Market Regional and Country Analysis
7.1. Global Proximity Payment Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Proximity Payment Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/dyh0br
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- Proximity Payment Market Report 2024
