Proximity Mobile Payment Market Growth- Top Companies Share, Trends Analysis, Size to Surge at a CAGR of 13.04%, Future Challenges and Forecast Strategies till 2023- 2033: SPER Market Research

The Proximity Mobile Payment sector has been greatly impacted by the COVID-19 epidemic. As the necessity for lockdowns, social segregation policies, and growing hygiene concerns increased worldwide, contactless and touch-free payment solutions became increasingly necessary. Consumers’ desire to eliminate physical touch with cash, credit cards, and payment terminals to lower the danger of virus transmission was the main driver behind this unexpected rise in popularity. The use of mobile wallets and applications, which provide a quick and safe way to make payments with smartphones, has increased globally.

Geographically, The market in North America, which includes the United States and Canada, is well-established, driven mostly by tech-savvy customers and a significant presence of mobile wallet providers such as Apple Pay, Google Pay, and PayPal. During the COVID-19 epidemic, adoption rates skyrocketed as safety concerns spurred a move toward contactless payments. Mobile payment solutions have been widely adopted by businesses ranging from retail to quick-service restaurants, and the market is continuing to expand with advances in loyalty programs and connection with other mobile services. Additionally, some of the market key players are ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.