ALBANY, New York, September 15, 2017 /PRNewswire/ --
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 across regional and consumer demographics. Proximity mobile payment 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.
According to Transparency Market Research, the global proximity mobile payment market was valued at US$57.9 bn in 2017. Exhibiting a solid 48% CAGR, the proximity mobile payment market is expected to rise to a valuation of US$411.4 bn by 2022.
Here are the key insights into the factors determining the growth trajectory of the global proximity mobile payment market:
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Rising Adoption of Smartphones Drives Demand from Proximity Mobile Payment Market
One of the key drivers for the global proximity mobile payment market is the rising use of smartphones across the world. The convenience of near field communication technology in proximity mobile payment has come to the fore due to the widespread incorporation of NFC technology in modern smartphones. This is likely to remain an important driver for the proximity mobile payment market in the coming years due to steady development of the NFC platform to enable varied applications. Growing efforts from telecommunication giants towards the development of NFC are thus likely to help the proximity mobile payment market.
Near field communication dominated the global proximity mobile payment market in 2017, accounting for 75.3% of the market and being valued at US$43.6 bn. The near field communication segment of the global proximity mobile payment market is expected to exhibit a robust 52.6% CAGR through the 2017-2022 forecast period and rise to a valuation of US$360.9 bn.
Growing Incorporation of Digital Payment Channels in Retail, BFSI to Drive Demand
The rising popularity of digital payment channels hasn't gone unnoticed in the global business sector, where leading retail sector players have kept in touch with the market's movement by installing advanced payment protocol at their stores. Latest advancements such as NFC have thus been smoothly accepted in technologically up-to-date sectors such as retail and BFSI, leading to growing demand from the proximity mobile payment market.
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North America to Dominate Flourishing Proximity Mobile Payment Market
Geographically, North America is expected to remain the dominant contributor to the global proximity mobile payment market in the coming years due to the widespread availability of an advanced technological setup and steady demand for technological advancements in the dynamic economic setup. The widespread availability of smartphones with near field communication has also helped the proximity mobile payment market achieve steady expansion in North America in the last few years. The North America proximity mobile payments market accounted for US$13 bn in 2017 and is expected to rise to more than US$98 bn by 2022 on the back of a strong 49.8% CAGR therein.
Europe is also likely to be an important regional market for proximity mobile payment technology in the coming years and is expected to rise to US$73.9 bn by 2022. The market is likely to exhibit a strong 46.9% CAGR from 2017 to 2022 and could benefit significantly from the steady support in developed European countries for advancements in how money changes hands.
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