Payment Methods

NFC Transaction Market Poised To Grow More Than 50 Percent In Coming Years

Research and Markets announced on Thursday (Sept. 15) the release of the “Global NFC Transaction Market 2016–2020” report, which found that the NFC transaction market is set to grow at a CAGR of 55.23 percent during the period of 2016 through 2020.

Based on in-depth market analysis and inputs from industry experts, Research and Markets said in a press release that the report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

“The emergence of host card emulation (HCE) is one of the latest trends leading to market growth. HCE is an on-device technology that enables mobile or a wearable device to perform card emulation on an NFC-enabled device without relying on access to a secure element (SE). The introduction of NFC platforms based on HCE has potentially high implications for NFC stakeholders, provided it would reshape both the value chain and the attendant business models. Also, the additional security provided by the inbuilt security feature of smartphones, such as fingerprint reader and iris scanner, act as an additional layer of security for HCE,” the company said.

According to the report, extensive use of mobile devices for payments will be a driver for market growth. It noted that mobile payments have become popular with the increased adoption of mobile devices and wearables. What’s more, it found vendors are deploying NFC POS terminals because they are flexible and facilitate hassle-free mobile payments. The NFC POS terminals also increase the value proposition and effectiveness of the marketing efforts of vendors, thus the growing implementation of NFC POS terminals at retail outlets is expected to boost the growth the market sees during the forecast period, Research and Markets said.

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