NFC Payments Market: Introduction
- Near Field Communication (NFC) is the mode of wireless data transmission that allows tablets, smartphones, laptops, and other devices to share information when in close proximity. NFC powers contactless payments via contactless cards as well as mobile wallets.
- NFC payments are like radio frequency identification technology (RFID) but is limited to sharing data with another device within four inches. So when a consumer is paying with the mobile wallet the person should place the mobile in front of the terminal so that contactless payment is been executed.
- NFC payments are widely used because they are encrypted, contactless, and highly secured, and speed up the checkpoint process.
- The global NFC payments market is anticipated to expand at a rapid pace during the forecast period due to advancement in technologies across the globe.
Global NFC Payments Market: Dynamics
Global NFC Payments Market: Key Drivers
- NFC payments create a lightning-fast process because it has encrypted data to complete the payment from sender to receiver. An increasing move from cash to digital payments across the globe drives the growth of the market.
- The customer can store the debit and credit card information on the mobile phone and leave the cash and card at home and use the mobile phone by tapping or waving the mobile phone to pay at the point of the sales terminal.
- Nowadays, capabilities of smart devices are used for electronic payments. Smart devices such as credit card, cellphones, and products such as chains implant and armbands have been used with the help of NFC capable devices.
- Continuous innovation in services and products and in secure payment technologies is strengthening the market growth. Increasing demand from consumers and merchants to reduce transactions and billing time is likely to drive market growth.
Impact of COVID-19 on the Global NFC Payments Market
- Increasing cases of COVID-19 across the globe is boosting the growth of the NFC payments market; thus, the utilization rate of online payment technologies has increased in the pandemic situation. Many countries across the world have mandated regulations on payment processing to keep people safe during the pandemic situation. Overall, the growth of NFC payment market is expected to increase in the coming years.
North America to Hold a Major Share of Global NFC Payments Market
- In terms of region, the global NFC payments market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Europe dominated the global NFC payments market in 2020. The market growth can be attributed to the consistency of increasing electronic money transactions in the region. Furthermore, encouraging government regulations, such as payment service directives and open banking contributes to the regional market growth.
- North America is expected to emerge as the fastest growing regional market over the forecast period because North America sees robust development of technology in the IT industry, Companies are collaborating with numerous banks and financial institutes to develop transparent, secure, robust, and decentralized platforms owing to increasing challenges of cybercrime.
Global NFC Payments Market: Competition Landscape
Market players are developing new strategies, such as increasing the customer base, new product launches, and strengthening their product portfolio. Several players are working on technology to improve their payment platforms. Vendors are upgrading blockchain technology to increase the speed and security of retail payment applications.
Key players operating in the global NFC payments market include:
- Visa, Inc.
- Gemalto N.V.
- Thales Group
- Wirecard AG
- Heartland Payments Systems
- Giesecke & Devrient GmbH
- Verifone Systems, Inc.
- On Track Innovations (OTI) Ltd.
- Ingenico Group SA
Global NFC Payments Market: Research Scope
Global NFC Payments Market, by Operating Mode
- Reader Emulation
- Card Emulation
Global NFC Payments Market, by Offerings
- Auxiliary Products
- NFC Micro SD Cards
- NFC Sim / UICC Cards
- NFC Covers
- Non-auxiliary Products
- NFC ICS & Antennas
- NFC Tags
- NFC Readers
Global NFC Payments Market, by Application
- Medical & Healthcare
- Consumer Electronics
- Residential & Commercial
- Banking & Finance
Global NFC Payments Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.