The "Proximity Payment Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global proximity payment market is experiencing a substantial growth phase, with projections showing an increase from $19.17 billion in 2023 to an anticipated $22.2 billion in 2024. This represents a notable compound annual growth rate (CAGR) of 15.8%. The market's expansion is driven by the rise of e-commerce transactions, consumer preference for convenience, and the increasing implementation of contactless payment infrastructures.
Technological Innovations and Regional Expansion
The proximity payment market is expected to witness continued growth, with estimates reaching $40.6 billion by 2028, at a CAGR of 16.3%. The introduction of wearable payment options and enhanced user experiences, combined with the growing use of smartphones, is forecasted to further catalyze market growth. Notable industry trends including NFC-enabled device adoption, advanced biometric authentication, and the use of the Internet of Things (IoT) in payment technologies are projected to shape the landscape in the coming years.
Driving Factors for Contactless Payment Adoption
Contactless payment methods have surged in usage due to their security, speed, and the convenience they afford consumers. This increase is evidenced by the marked rise in such transactions reported by the European Central Bank, demonstrating a clear upward trajectory in both the volume and value of proximity payments.
Strategic Developments by Key Players
Industry leaders are focusing on the advancement of mobile payment technologies to enhance transaction security and consumer convenience. Developments such as the Reserve Bank of India's UPI 123Pay indicate a commitment to innovation within the market, offering new payment platforms that cater to a wider range of consumers.
Significant Mergers and Acquisitions
Strategic acquisitions are taking place, exemplified by Poste Italiane S.p.A.'s acquisition of LIS Holding S.p.A., which aims to enhance proximity payment capabilities and further digital service ecosystems.
Regional Market Insights
North America leads in the proximity payment market share, while Europe is poised for rapid growth during the forecast period. Market segments and country-specific data suggest a robust and varied global presence within the proximity payment industry, emphasizing regional consumer behaviors and technological adoption patterns.
Outlook for Service Providers and Manufacturers
The market landscape for proximity payments includes a spectrum of services and solutions, ranging from digital wallet integration to payment device manufacturing. The market value encompasses the provision of related services as well as the sale of payment cards, readers, and terminals.
Conclusion and Market Definition
With revenues earned by entities that offer contactless transaction services, the proximity payment market reflects a wide array of commercial activities and consumer interactions. As the industry looks to the future, it remains a dynamic component of the evolving financial technology landscape, adapting to the growing demands for secure and rapid payment options across the globe.
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 |
Some of the major companies profiled in this Proximity Payment market report include:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/cd4mfk
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250107086376/en/
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