Proximity mobile payments are POS (Point-of-sale) payments in which an electronic device is used as a payment method. Taping, scanning, swiping, or verifying in with a mobile device at the POS to complete the transaction; accepts digital goods purchases on mobile devices, remote purchases on handheld devices that are provided later, and mobile transactions.
Global Proximity Mobile Payment Market Driving Factors and Challenges
The Proximity Mobile Payment market is growing for businesses and investors together. As the world becomes more connected through smartphones and other smart devices, the convenience and security of proximity mobile payments have positioned this sector for rapid growth. Consumers are looking for faster, contactless, and hassle-free payment options, particularly in the aftermath of global health and hygiene crises. Furthermore, the use of technologies such as NFC (Near Field Communication), QR codes, and mobile wallets has made it easier for businesses to enter this market and provide smooth payment experiences.
While the Proximity Mobile Payment market is growing, it also confronts significant challenges. One of the most significant difficulties is growing security concern, as both consumers and businesses desire strong precautions against potential data breaches and cyber threats. The absence of global standards complicates standardization, potentially reducing interoperability and contributing to market fragmentation. Building consumer trust remains a crucial challenge, requiring significant efforts to address concerns about payment security and data privacy.
Impact of COVID-19 on Global Proximity Mobile Payment Market
The epidemic of COVID-19 has had a huge influence on the Proximity Mobile Payment business. The need for contactless and touch-free payment systems surged substantially as the world faced lockdowns, social distancing measures, and rising hygiene concerns. This surprising spike in popularity was mostly motivated by consumers' desire to minimize physical contact with cash, credit cards, and payment terminals to reduce the risk of virus transmission. Mobile wallets and apps, which offer a convenient and secure way to make payments using cellphones, have grown in popularity around the world.
Proximity Mobile Payment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
Global Proximity Mobile Payment Market Segmentation:
By Product: Based on the Product, Global Proximity Mobile Payment Market is segmented as; Barcodes, Near Field Communication.
By End User: Based on the End User, Global Proximity Mobile Payment Market is segmented as; Hospitality and Tourism, IT and Telecommunications, Aviation, Retail, Media and Entertainment, BFSI, Healthcare.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.