Published Date: 24-Nov-2021
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According to a new report Global Proximity Payment Market, published by KBV research, The Global Proximity Payment Market size is expected to reach $26.4 billion by 2027, rising at a market growth of 11.6% CAGR during the forecast period.
Contactless payment is considered as one of the alternate digital payment methods. Under this payment option, a short-range wireless technology like near field communication (NFC) or radio-frequency identification (RFID) is used to support secure contactless payments through a contactless-enabled PoS terminal and the contactless card. Moreover, many government organizations around the world are taking initiatives to promote digital payment methods which further helps in the market expansion.
The drug stores segment is likely to exhibit the fastest growth rate of the proximity payment market during the forecasting period. This is attributed to the outbreak of the COVID-19 pandemic. The highly contagious nature of coronavirus has compelled people to minimize human-to-human contact in order to reduce its transmission rate.
Europe emerged as the leading region in the proximity payment market. In addition, the region is likely to exhibit a similar kind of trend even during the forecasting period. Conventional lenders have started to reopen for offering proximity payment and consumers are facing a number of issues including higher interest rates and stringent restrictions. Due to these factors, the demand & growth of proximity payment would witness bright prospects in the regional market.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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