The Europe Proximity Payment Market would witness market growth of 10% CAGR during the forecast period (2021-2027).
Proximity payments refer to payments made by smartphones wherein the payer and the payee are in close proximity and where the communication between their devices establishes with the help of a proximity technology like Quick Response (QR) codes, near field communication (NFC), Bluetooth technology, and others. Moreover, the proximity payments family comprises mobile contactless payments. In addition, the primary payment instrument could be a card or credit transfer. Customer-to-Business (made to a merchant store, on public transport, or at car parking) and person-to-person both are included in mobile proximity payments.
Some catalysts for the growth of proximity payment are the growing demand from merchants and consumers to decrease billing and transaction time. However, merchants, as well as consumers, are facing many challenges like security and safety concerns. On the other hand, several aspects like an increase in government initiatives and current developments in networking infrastructures for the development of smart solutions would fuel the growth of the proximity payment market during the forecasting period. A number of government bodies around the world are motivating their merchants to install modern payment solutions.
Banks in Europe have put efforts to introduce a European payment initiative. This initiative aimed to develop a unified payment solution for merchants and consumers across Europe. These initiatives would open new growth avenues for the players operating in the regional market during the forecasting period. In addition, the digital campaign introduced by the Italian government aimed to boost electronic payments in the country.
There are many benefits of digital payment in comparison to conventional payment methods like it is a convenient, easy, and accessible mode of payment for the customers. These digital payments also help in reducing the issues such as pickpocketing, theft, and losses. Cash-based purchases are mostly irreversible but digital payments are more user-friendly and hence provide an easy return policy for the customers. The utilization of application program interface (API), blockchain, and mobile wallet technologies by digital payment make it a smart, real-time, and customized payment method. These technologies also help in improving customer experience and supporting quick, secure & convenient payment methods. Hence, these factors are anticipated to unlock growth prospects for the regional proximity payment market during the forecasting period.
The Germany market dominated the Europe Bars & Restaurants Proximity Payment Market by Country 2020, thereby, achieving a market value of $366.3 million by 2027. The UK market is exhibiting a CAGR of 9.5% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 11.1% during (2021 - 2027).
Based on Offering, the market is segmented into Solution and Services. Based on Application, the market is segmented into Grocery Stores, Drug Stores, Bars & Restaurants, Entertainment Centers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Proximity Payment Market Size will Hit $26.4 Billion by 2027, at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., PayPal Holdings, Inc., Visa, Inc., Mastercard, Inc., Apple, Inc., Square, Inc., Google, LLC, Ingenico, ACI Worldwide, Inc. and IDEMIA SAS.
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