The global proximity mobile payment market is prognosticated to witness a robust growth in coming years. Proximity mobile payment comprises of recognizing an item by the guide of an encoded key and making a payment through computerized payment channels. Directly, proximity mobile payment innovation is connected through standardized identifications and wireless gadgets. Visa Inc., Alphabet Inc., ACI Worldwide Inc., Starbucks Corporation, CVS Health Group, Samsung Electronics Co. Ltd., Apple Inc., Square Inc., PayPal Holdings Inc., and Mastercard Incorporated are some of the key players leading the worldwide proximity mobile payment market. According to a recent research report by Transparency Market Research (TMR) the proximity mobile payment market is estimated to flourish with a tremendously strong CAGR of 48% within its forecast period from 2017 to 2024. In year 2017, the market was evaluated to be around worth US$ 57.9 bn. This valuation figure is expected to reach US$ 411.4 bn by the end of year 2024.
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Based on end-use the near field communication segment is the leading one among the rest of them. Near field communication represented over 75% of the worldwide proximity mobile payment market in year 2017 and is probably going to broaden its predominance by expanding its market offer to 87.7% by 2024. The fragment was evaluated worth US$43.6 bn in year 2017 and is probably going to show a sublime CAGR of 52.6% during the gauged time frame to rise with a worth of US$360.9 bn in 2024. Moreover, geographically, North America is the major leader of the worldwide proximity mobile payment market and is probably going to hold this position in the coming years on account of the boundless selection of proximity mobile payment frameworks in the created area. The high usage of cell phones and particularly NFC-empowered cell phones in developed nations, is probably going to remain a key driver for the proximity mobile payment market.
Rising Usage of Smartphones to Propel the Global Market
One of the major reasons for the worldwide proximity mobile payment market is the growing utilization of cell phones over the globe. The comfort of near field communication innovation in proximity mobile payment has witnessed light because of the across the board consolidation of NFC innovation in current cell phones. This is probably going to remain a critical factor for the proximity mobile payment market in the future because of enduring advancement of the NFC stage to empower fluctuated applications. Developing endeavors from telecommunication goliaths towards the advancement of NFC are in this manner prone to enable the proximity mobile payment to market.
Near field communication commanded the worldwide proximity mobile payment market in year 2017, representing 75.3% of the market and being worth US$ 43.6 bn. Additionally, the near field communication section of the worldwide proximity mobile payment market is required to display a hearty 52.6% CAGR during forecast period and ascend to a valuation of worth US$ 360.9 bn.
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Leading Retail Sectors to Install Advanced Payment Methods in the Market Stores
The rising demand of computerized payment channels is getting attention in the worldwide business division, where driving retail part players have stayed in contact with the market’s development by introducing propelled payment convention at their outlets. Most recent headways, for example, NFC have in this way been easily acknowledged in mechanically up and coming parts, for example, BFSI and retail, prompting developing interest for the proximity mobile payment market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Proximity Mobile Payment Market (Type – Barcodes, Near Field Communication; Application – Retail, BFSI, Hospitality and Tourism, IT and Telecommunications, Media and Entertainment, Aviation, Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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