NFC Payments Market Size and Growth by 2031

The NFC payments market size is expected to grow at a CAGR of 36.5% from 2023 to 2031. The NFC payments market includes growth prospects owing to the current NFC payments market trends and their foreseeable impact during the forecast period. The NFC payments market is growing due to factors such as increased adoption of smartphones, surge in demand for mobile and wearable payment devices, and increased use of contactless payment systems.

NFC Payments Market Analysis

NFC (Near Field Communication) payments are a way for customers to pay for goods or services using their smartphones or other NFC-enabled devices. With NFC payments, users hold their devices close to a compatible payment terminal to complete a transaction securely and swiftly. NFC payments eliminate the need for physical cash or cards, making transactions quicker and more convenient for both customers and businesses. NFC transactions are encrypted, reducing the risk of fraud compared to traditional payment methods. NFC technology is increasingly integrated into smartphones and other devices, making it accessible to a wide range of consumers. NFC payments are commonly used in retail stores, restaurants, public transportation, and various other locations equipped with NFC-enabled payment terminals.

NFC Payments Market Overview

• The NFC payments market is experiencing significant growth, driven by the increasing adoption of smartphones and contactless payment technology. Businesses across various industries are embracing NFC payments to enhance customer convenience and streamline transactions.
• As consumers seek faster and more convenient payment options, NFC payments are gaining popularity. The ease of tapping a smartphone or wearable device for transactions is driving adoption among diverse demographic groups.
• Ongoing advancements in NFC technology, such as improved security features and enhanced compatibility with various devices, are expanding the capabilities and reliability of NFC payments.

REGIONAL FRAMEWORK

NFC Payments Market Driver

Rising Adoption of Smartphones To Drive The NFC Payments Market

• The skyrocketing adoption of smartphones is revolutionizing how we make transactions. According to GSMA, smartphone adoption is witnessing huge growth, with over 5.6 billion (69% of the global population) mobile subscribers worldwide.
• Smartphones serve as the gateway to NFC payments, as they come equipped with the necessary hardware and software to facilitate contactless transactions. As more consumers embrace smartphones for daily tasks, from communication to shopping, the convenience of tapping a phone to pay becomes increasingly appealing. Thus, the rising adoption of smartphones will drive the NFC payments market growth.

NFC Payments Market Report Segmentation Analysis

• Based on device type, the NFC payments market is segmented into smartphones, smartwatches, tablets, EMV cards, and others. The smartphone segment is expected to hold a substantial NFC payments market share in 2023.

NFC Payments Market Share Analysis By Geography

The scope of the NFC payments market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant NFC payments market share. Businesses and consumers alike are rapidly adopting this technology for its convenience and efficiency. With NFC-enabled smartphones becoming increasingly common, the infrastructure to support NFC payments is widespread across the region. Moreover, North America led in smartphone adoption, with 89% penetration in 2022. This is expected to rise to 91% by 2030, according to GSMA. Such huge penetration of smartphones drives the NFC payments market growth in North America.

NFC Payments Market Report Scope

The "NFC Payments Market Analysis" was carried out based on device type, end user, and geography. Based on device type, the NFC payments market is segmented into smartphones, smartwatches, tablets, EMV cards, and others.  On the basis of end user, the market is segmented into retail stores, hospitality, healthcare services, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

NFC Payments Market Report Analysis

NFC Payments Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• Apple Inc
• Garmin Ltd
• Google
• Mastercard
• NortonLifeLock Inc
• Paypal
• Paytm
• Samsung Electronics
• Square Capital LLC

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By COMPONENT

• Solution
• Service

By Payment mode

• Smartphones
• Smartcards
• Others

By Industry Vertical

• Retail
• Healthcare
• Hospitality
• Energy and Utilities
• Transportation and Logistics
• BFSI
• Others

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• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

MARKET PLAYERS

NFC Payments Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the NFC payments market. A few recent key market developments are listed below:

• In September 2023, the National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI) network, launched new products to ensure more digital inclusivity of the payment service, even as it aims to scale the infrastructure to 100 billion monthly transactions.

[Source: National Payments Corporation of India, Press Release]

NFC Payments Market Report Coverage & Deliverables

The NFC payments market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "NFC Payments Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

NFC Payments Market Report Scope