Global Proximity Mobile Payment Market Insights, Size and Growth Forecast To 2027
The Global Proximity Mobile payment market is growing owing to the adoption of smartphones and focus on payment security. The global proximity mobile payment market has the potential to grow with USD 700.4 billion, with historical CAGR in the forecast period from 2020-2027. Factors driving the market demand for proximity mobile payment are penetration of smartphones, advancement in technology, bolstering cases of unsecured bank transactions. NFC near field communication technology evolved from the integration of non-contact radio frequency identification (RFID) and interconnection technology. It combines inductive card reader, inductive card, and point-to-point functions on a single chip, which is compatible with short distance and can perform identification and data exchange. A mobile phone using NFC technology or proximity mobile payment is equivalent to turning the mobile phone into a payment terminal, which can directly swipe to pay. Proximity mobile paymen...