The Latin America, Middle East and Africa Proximity Payment Market would witness market growth of 16% CAGR during the forecast period (2021-2027).
Proximity payment offers a host of benefits such as Real-time transaction processing, decreased transaction time, the flexibility of payment devices, and higher convenience. This factor acts as a major catalyst for the growth & demand of proximity payment in the market. Additionally, customers, as well as retailers, can carry out proximity payment by using their smartphones due to the increased adoption rate of proximity payment among merchants, rise in faster connectivity, and increasing utilization of smartphones.
On the other hand, the growth of the proximity payment market would be hampered by the rising data breaches and problems in the replacement process of the point-of-sale (POS) terminal. However, emerging countries provide growth opportunities for the players operating in the proximity payment market in order to expand their capabilities due to the aspects like faster urbanization, increasing middle-class population, increasing literacy level, and growing tech-savvy youth generation. In addition, the market of proximity payment is expected to boost due to an increasing number of developments and initiatives toward digitalized payments.
The surge in awareness about the benefits of digital payments is expected to encourage key players to enter into the region by launching innovative payment solutions. However, the region comprises of many under-developed and developing countries wherein the number of the smartphone is relatively low and low internet penetration which are expected to hamper the growth of proximity payment market in the last couple of years.
Moreover, the growth of the proximity payment market would be boosted due to the shift in payment awareness and preferences among the customers. Further, the growth of the market would witness bright prospects due to the increase in contactless technologies in various applications like toll booths, vending machines, ticketing, and fuel stations. Thus, these factors are expected to create lucrative growth opportunities for the players operating in the regional proximity payment market.
The Grocery Stores market dominated the South Africa Proximity Payment Market by Application 2020, thereby, achieving a market value of $80.7 million by 2027. The Drug Stores market is showcasing a CAGR of 17.9% during (2021 - 2027). Additionally, The Bars & Restaurants market is poised to grow at a CAGR of 17.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Proximity Payment Market is Predict to reach $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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