Report Code: A08282 | Pages: NA | Mar 2023 | 3858 Views | ||
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Request Now !The market for NFC payments has experienced significant growth and is anticipated to expand in the future with growing cash less and contact less payment preferences. NFC payments are contactless payments, which use near-field communication (NFC) technology to share data among readers and mobile systems such as Apple Pay and Android Pay eWallets and EMV chip cards. NFC transactions are authenticated and extremely protected and the NFC devices must be near together to proceed with transaction. The moment when payment and reader devices are brought close together and activated, NFC chips interchange cryptographic data to render the transfer complete. The cycle produces a lightning-fast transaction loop, which is both easy and one of the most reliable forms of payment.
Increase in shift of payment form cash to digital and surge in inclination in contactless payments across the globe drives the growth of the NFC Payments Market. In addition, increase customer satisfaction and to provide enhance customer experience companies are adopting NFC payment which boost the growth of the market. However, high cost of deployment and risk of losing card hampers the growth of the market. Furthermore, rising demand for mobile and wearable payments devices and use of security features of emerging technologies, such as blockchain and 5G is expected to provide lucrative opportunity for the market.
The global NFC payment market trends are as follows:Â
Globally, many banks and non-banks introduce QR codes to merchants and consumers to offer a simple payment solution. Furthermore, quick response (QR) codes engage in payment processing on scanning the merchants code, which allows customer to pay cashless and contact less. The surge in adoption of QR code by Chinese tourists and travelers intending to make cashless transfers in China within recent years has forced the island nation to gradually implement the Chinese QR system. Moreover, six of prepaid e-wallet providers in Europe have partnered with China's Alipay to implement mobile payment network with QR code that enables consumers of each wallet to pay for their transactions throughout 10 European countries. Number of banks across India, U.S and Singapore has also started provide QR Code solutions to its customers for enhanced customer experience.
The trend towards mobile payments is propelled by comfort of use and convenience, improved measures to ensure transactions safety and to streamlined the payment processing system. Driven by top organizations such as Apple, Samsung and Google consumers increasingly adopting mobile or digital wallets to pay for goods and services quickly in person or online, since cards lack many prevailing trend features. Visa reported that, in the past five years, the percentage of people using cash for payments in the U.S. dropped from 24% to 18%.In major emerging country India, the transactions through mobile payments and digi-wallets via QR-Codes, mPOS were increasing.
Market scope and structure analysis:
Market size available for years | 2019–2027 |
 Base year considered |  2019 |
 Forecast period |  2020–2027 |
 Forecast units |  Value ($) |
 Segments covered | Component, Technology, Payment Mode, Industry Vertical, and Region |
 Companies covered | Major players analyzed include Mastercard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, Due Inc. |
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Key benefits of the report:
Questions answered in banking security market research report:Â Â Â
NFC Payments Market Report Highlights
Aspects | Details |
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By Component |
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By Technology |
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By Payment Mode |
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By INDUSTRY VERTICAL |
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By Region |
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Key Market Players | Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., Visa, Inc |
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