North America is the leading contributor to the global proximity mobile payment market and is likely to retain this position in the coming years thanks to the widespread adoption of proximity mobile payment systems in the developed region. The high adoption of smartphones and especially NFC-enabled smartphones in advanced countries such as the U.S. and Canada is likely to remain a key driver for the proximity mobile payment market in North America in the coming years.
In recent years, there has been a steady rise in the proximity mobile payment methods. According to researchers, this innovative and easy payment method is bound to grow by leaps and bounds over the coming years.
Market Research Hub (MRH) has been recently announced the inclusion of a new study to its vast repository, which is titled as “Proximity Mobile Payment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022”. The study offers holistic perspective of the market, with a prime focus on regions including MEA, Europe, Latin America, Japan, APEJ and North America.
Through the geographical outlook, analysts have examined that the proximity mobile payment market is very much a market of modernity, having come to the front following widespread acceptance of mobile payment technology and digital economic architecture.
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Proximity mobile payments, as its name suggest, includes entities that are close to each other to indulge in monetary transactions. Nowadays, consumers are more willing to pay with the simple tap on their phone than counting bank notes or carrying around a bunch of electronic cards for buying stuff.
In this case, proximity mobile payment is a suitable option, which consists of identifying a product by the aid of an encrypted key and making a payment through digital payment channels. Presently, proximity mobile payment technology is applied through barcodes and near-field communication technology.
Initially, the research study starts by defining market overview of proximity mobile payment. Study finds that proximity mobile payment technology has become an important part of the shopping experience in recent years due to the steady technological progression of the method and rising adoption of the necessary supporting technology.
According to the study evaluations, the global proximity mobile payment market was valued at close to US$58 bn in 2017 and is predicted to rise at US$411 bn by 2022. At this pace, the market will also exhibit a splendid 48% CAGR between 2017 and 2022.
Moreover, the study analyzes the major drivers affecting the performance of the global proximity mobile payment market. The cause of major factors driving the demand for proximity mobile payment solutions is discussed in detail in the report, which also provides a clear picture of the most important restraints affecting the market.
As per the findings, one of the key drivers for the global proximity mobile payment market is the rising use of smartphones across the world, which leads to wide adoption of mobile payment methods.
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By mode of payment, the global proximity mobile payment market is diverged into near field communication and barcode. Of these, near field communication is likely to remain the dominant contributor to the global proximity mobile payment market in the coming years.
In addition, the research also adds that the main reason behind the segment growth is the multiple layers of security at each stage of the process. Using the Near Field Communication (NFC) technology, the phone is equipped with an appropriate smart chip for completely secure payment application and the protection of consumer account information.
Moreover, in terms of geography, the research analyzes that North America is the leading contributor to the global proximity mobile payment market and is likely to retain this position in the coming years.
Furthermore, the research outlines some of the leading players in the global proximity mobile payment market, which include Square Inc., Samsung Electronics Co. Ltd., Mastercard Incorporated, Visa Inc., Apple Inc., Alphabet Inc., PayPal Holdings Inc., ACI Worldwide Inc., Starbucks Corporation and CVS Health Group.
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