What is NFC POS Terminal Market?
The usage of mobile phones for the payments has been reliable and effective which is realized using NFC technology. Also, it reduces the time taken for the transactions as the other method includes PIN or a chip. The POS captures the data related to the payment information for the product or services as the data embedded in the chips of smart cards can be read by EMV enables POS terminals. Since, this system is more convenient for capturing the data and payment, it is fueling the market of NFC POS terminal market.
The market study is being classified by Type (NFC POS Machine, NFC Vending Machines, NFC Reader Device and POS Machine), by Application (Mobile Payment, Transfer Accounts and Other) and major geographies with country level break-up.
Ingenico (France), VeriFone (United States), PAX Technology (China), NEC (Japan), Equinox (United States), First Data Corp. (United States), Castles Technology Co (Taiwan), ID TECH (United States), Uniform Industrial Corp (Taiwan) and XAC Automation (Taiwan) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are On Track Innovations (Israel), SZZT Electronics (China) and Newland Payment Technology (China).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global NFC POS Terminal market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global NFC POS Terminal market by Type, Application and Region.
On the basis of geography, the market of NFC POS Terminal 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Penetration of Mobile Handsets Which is Equipped with NFC Technology
- Demand for Con-tactless Payment Such as Smart Cards
Market Trend
- Rising Penetration of NFC POS Terminals in Transportation Sector
- Growing Adoption of Smart Devices
Restraints
- High Costs Associated with the Deployment of NFC POS Terminals
Opportunities
- Issuance of Contactless Cards by Banks to Avoid Cyber Attacks
- Rising Usage of Contactless Payments in Developing Countries
Challenges
- Lack of Awareness in Rural Areas May Hinder the Market Growth
Market Leaders and some development strategies
In January 2018, NEC has acquired Northgate Public services limited. This acquisition will accelerate the expansion of international safety business
In October 2018, Square has launched payment device terminal with NFC support. It can be used along with the existing POS solution.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations and Government Agencies