Global Proximity Mobile Payment Market-Industry Analysis and forecast 2020 – 2027
Global Proximity Mobile Payment Market size was valued US$ XX Bn. in 2019 and the total revenue is expected to grow at 49.2% through 2020 to 2027, reaching US$ XX Bn.
Global Proximity Mobile Payment Market
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Proximity mobile payments are defined as POS (Point-of-sale) transactions made by using a mobile device as a payment method. Contains tapping, scanning, swiping or checking in with a mobile device at the POS to complete the transaction; accepts purchases of digital goods on mobile devices, purchases made remotely on mobile devices that are delivered later on, and transactions made by tablets.
The MMR report focuses on proximity mobile payment volume and value at the global level, regional level and company level. From a global perspective, this report represents the overall proximity mobile payment market size by analyzing historical data and future prospect. Proximity mobile payments, especially Near Field Communication (NFC), has been growing worldwide, though it still accounts for a small part of both in-store and mobile payments. In 2014, the transaction volume in the global proximity mobile payments market was valued at nearly US$4.6 billion and it is expected to exceed approximately US$ XX billion by 2027. This growth rate will be driven not only by NFC, which is being used by both the major OS developers Apple and Google – but also by the spread of contactless infrastructure globally.
By product type, near field communication accounted for nearly XX.3% of the global proximity mobile payment market in 2019 and is likely to become even more important to the market by 2027 when it is expected to account for XX% of the global market. In near field communication, payment credentials can be stored in a secure element, which is located either in a SIM card or in a chip inserted in the device. On the other hand, barcodes are expected to remain a niche method and will account for only ~US$ XX.1 billion of the transactions by 2027. The future of P2B is uncertain, but it may become an interesting alternative.
The scope of the report includes a detailed study of regional markets for global proximity mobile payments market with the reasons given for variations in the growth of the industry in certain regions. North America is expected to grow at the largest CAGR of XX% during the forecast period. The North American market is proposing opportunities for expansion and various market players are expected to benefit in the growing proximity mobile payment market. Improved internet, broadband, & smartphone penetration and growing customer demand for anywhere and anytime access to content and products coupled with enterprise need for agility are believed to intensify the growth of the North America market.
Global Proximity Mobile Payment Market1
In terms of proximity mobile payment user penetration, the U.S ranks sixth in the globe among major economies. The prevalence and ease of use for credit cards have inhibited the spread of mobile payments in the U.S. In 2018, nearly 13% of consumers in Germany, France, Spain and the UK tried proximity mobile payments at least once, though the proportion of regular users was considerably lower. In 2018, ~31% of consumers in the EU were interested in paying with a card through a mobile phone. Among the different things, smartphones are used for in retail 20% of users declared having used it for payments.
In recent years, major players in the proximity mobile payment market have taken various strategic measures, for instance, facility expansions and partnerships. Apple Pay is the top proximity mobile payment provider in the U.S, accounting for roughly half of users. For P2P payments, Zelle has continued to build on its lead from 2018. Many consumers, however, use multiple services for both P2P payments and proximity mobile payments.
The objective of the report is to present a comprehensive analysis of the Global Proximity Mobile Payment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Proximity Mobile Payment Market dynamics, structure by analyzing the market segments and projects the Global Proximity Mobile Payment Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Proximity Mobile Payment Market make the report investor’s guide.
Scope of the Global Proximity Mobile Payment Market
Global Proximity Mobile Payment Market, By Product
• Near Field Communication
Global Proximity Mobile Payment Market, By End Users
• Hospitality and Tourism
• IT and Telecommunications
• Media and Entertainment
Global Proximity Mobile Payment Market, By Region
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Key players operating in Global Proximity Mobile Payment Market
• ACI Worldwide Inc.
• Starbucks Corporation
• Visa Inc.
• FIS Global.
• Apple Inc.
• Samsung Electronics Co. Ltd.
• Square Inc.
• PayPal Holdings Inc.
• Alphabet Inc.
• Mastercard Incorporated
• Vodafone Group Plc.
• CVS Health Group
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
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