What is NFC Payments Market Scope?
Over the years some huge technological advancements in the department of finance and payments have seen. The intervention of technology has totally changed the way to make payments today. With internet banking, mobile banking, and mobile wallet payments, users no longer are dependent on cash. With time, users are witnessing new technologies being used to make the payment experience better than ever. And one of these technologies is NFC.NFC payments which are also known as contactless payments have gained immense popularity throughout the world. NFC stands for Near Field Communication. It’s a technology that enables users to securely transmit and receive information through their phones over a short-range (usually 4 cm). NFC is an upgrade of the existing RFID technology which combines both the reader and the smartcard interface into a single device.
The NFC Payments market study is being classified and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States and Germany will contribute to the maximum growth of Global NFC Payments market throughout the predicted period.
Gemalto (Netherlands), Infineon (Germany), Ingenico (France), Wirecard (Germany), Verifone (United States), Giesecke+Devrient (Germany), IDEMIA (France), On Track Innovations (Israel), Identiv (United States) and CPI Card Group (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Bitel (South Korea), Setomatic Systems (United States), Valitor (Iceland), PAX Global Technology (China) and Mobeewave (Canada).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global NFC Payments market by Type, Application and Region.
On the basis of geography, the market of NFC Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In August 2020 Apple acquires the Mobeewave payments firm for USD 100 Million company which works on a technology to turn iPhones into mobile payment terminals. The company’s technology, which only requires an NFC chip to work, allows users to tap on their smartphone or credit card to another device for processing payment.
In August 2020 Paytm introduced its new PoS device for contactless payments, it is India’s first pocket Android point-of-sale (PoS) device for contactless ordering and payments.
Influencing Market Trend
- Technological advancements as the major mobile payment trends have enabled significant growth of the NFC Payments
- The emerging trend of Biometric authentication in NFC payments
Market Drivers
- Increased customer satisfaction and improved loyalty programs
- Enhanced purchase experience
Opportunities
- Rising demand for wearable payment devices, and growing internet penetration, an expanding mobile subscriber base, and the rising number of IoT devices, an increasing number of developed and emerging economies across the world are witnessing a significant surge in digitization,
Restraints
- The high cost of deploying NFC payment technologies
Challenges
- Lack of consumer awareness
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, NFC Payments Providers, Government Regulatory and Research Organizations and End-Use Industry
Customization available in this Study:
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To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.