The North America Proximity Payment Market would witness market growth of 10.8% 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.
North America has always remained at the leading position in adopting advanced technologies. In addition, the region is expected to witness lucrative growth opportunities due to the presence of some of the leading market players in the region. The increase in the disposable income of consumers is expected to encourage adopting digital payment methods. In addition, the demand for digital payments has been fueled by higher convenience, supportive government initiatives, and changing consumers’ preferences.
Moreover, the region comprises developed countries like the US and Canada that are highly favorable for the growth & demand of proximity payments in the regional market. One of the major catalysts for the growth of the regional market is the surge in the installation of smart parking meters and technology advancements in these meters. For instance, in December 2017, the San Francisco Municipal Transportation Agency initiated a demand-responsive pricing program on 28,000 smart parking meters. Additionally, the increase in the number of unmanned stores in the US is boosting the demand for digital payment solutions like proximity payments. These supportive initiatives are anticipated to propel the growth of the regional proximity payment market during the forecasting period. Moreover, the massive penetration of smartphones and availability of high-speed internet are some of the factors that would fuel the growth of the regional proximity payment market.
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 US market dominated the North America Proximity Payment Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,772.9 million by 2027. The Canada market is experiencing a CAGR of 15.8% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 14.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Proximity Payment Market is Estimated 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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