Market Overview:
The global NFC payments market is expected to grow at a CAGR of over 25% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for NFC-based payment solutions and services across different applications such as retail, healthcare, hospitality, energy & utilities, transportation & logistics, BFSI and others. Additionally, the growing adoption of NFC technology by major players in the payment industry is also contributing significantly to the growth of this market. North America dominates the global NFC payments market followed by Europe and Asia Pacific.
Product Definition:
Near Field Communication (NFC) is a technology that allows two devices, like a smartphone and a payment terminal, to communicate with each other by bringing them within close proximity of each other. NFC payments allow customers to make contactless payments by simply waving their smartphones near a payment terminal. NFC payments are becoming more popular because they are faster and more secure than traditional methods of paying, like using a credit card.
Solutions:
Solution is a software or a combination of hardware and software which helps in performing specific tasks. In NFC payments, solutions help in managing the funds transfer process between two accounts connected by an NFC enabled device such as mobile, laptop etc. The solution plays an important role to ensure that both the devices have enough money to perform the transaction. It also helps in providing security against frauds and other issues during transactions.
Service:
Service is a set of protocols and rules that govern the interaction between two parties. In case of NFC payments, service refers to the technology that enables mobile devices to communicate with payment terminals. Service in NFC payments allows users to pay for any product or service by tapping their smartphones on contactless payment terminals which are now widely used across many countries such as the U.S., China, and India among others.
Application Insights:
The retail segment accounted for the largest market share in 2017 and is anticipated to continue its dominance over the forecast period. The increasing penetration of e-commerce has led to a rise in payment solutions for retailers, which has resulted in an overall growth of the market. Furthermore, growing adoption of mobile payments is further expected to drive industry growth.
The healthcare sector was one of the key drivers that led to industry expansion across all regions. The need for secure and fast payment solution that does not involve any additional costs or risks is driving this application regionally as well as globally speaking. Moreover, hospitals are also adopting NFC technology with their existing infrastructure at patient care units or billing offices by installing small readers/writers above each unit¢â‚¬â„¢s card reader/writer thus enabling easy patient authentication through smartphone or tablet devices without entering credentials multiple times at different points of entry into hospital premises (for instance: parking lot).
Regional Analysis:
The North America regional market accounted for the largest share in 2017. The growth can be attributed to the presence of prominent players such as American Express, Bank of America, Citigroup, JPMorgan Chase & Co., and Wells Fargo. These companies are focusing on developing new solutions and applications for faster payments across all industries. Moreover, growing adoption of digital payment solutions by consumers is also expected to drive demand over the forecast period.
Asia Pacific is anticipated to emerge as a lucrative regional market over the next eight years owing to increasing smartphone penetration rates in this region along with rising e-commerce activities across countries such as China and India that have a large consumer base compared to other emerging economies in this region such as Indonesia or Vietnam that are rapidly adopting mobile commerce platforms based on NFC technology thus offering huge potentials for growth through 2018).
Growth Factors:
- Increasing smartphone penetration and the growth of mobile commerce: NFC payments are expected to grow as smartphones become more prevalent and people shift their spending from traditional retail channels to mobile commerce. In fact, a study by Forrester Research predicts that global mobile commerce will reach 4 billion by 2020, up from billion in 2014. This is largely due to the convenience and ease of use that NFC payments offer.
- The rise of digital wallets: A number of major players – including Apple, Google, Samsung, and Microsoft – have developed digital wallets that allow users to store multiple payment cards and loyalty cards in one place. These wallets make it easy for consumers to pay with their phones by simply tapping them against an NFC-enabled terminal. As more people adopt digital wallets, NFC payments will continue to grow in popularity.
Scope Of The Report
Report Attributes
Report Details
Report Title
NFC Payments Market Research Report
By Type
Solutions, Service
By Application
Retail, Healthcare, Hospitality, Energy & Utilities, Transportation & Logistics, BFSI, Others
By Companies
Google Pay, LifeLock Wallet, Mastercard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, Due Inc., Samsung Pay
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
206
Number of Tables & Figures
145
Customization Available
Yes, the report can be customized as per your need.
Global NFC Payments Market Report Segments:
The global NFC Payments market is segmented on the basis of:
Types
Solutions, Service
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Retail, Healthcare, Hospitality, Energy & Utilities, Transportation & Logistics, BFSI, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Google Pay
- LifeLock Wallet
- Mastercard Incorporated
- The American Express Company
- Visa Inc.
- Apple Pay
- PayPal Payments Private Limited
- Capital One Financial Corporation
- The Bank of America Corporation
- Payoneer Inc.
- Stripe
- Due Inc.
- Samsung Pay
Highlights of The NFC Payments Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Solutions
- Service
- By Application:
- Retail
- Healthcare
- Hospitality
- Energy & Utilities
- Transportation & Logistics
- BFSI
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the NFC Payments Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
NFC Payments is a mobile payments platform that allows users to make payments with their phones. NFC Payments uses near field communication (NFC) technology to allow two devices to communicate and exchange data. This allows users to pay for goods and services by touching their phones together.
Some of the major companies in the nfc payments market are Google Pay, LifeLock Wallet, Mastercard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, Due Inc., Samsung Pay.
The nfc payments market is expected to grow at a compound annual growth rate of 25%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 NFC Payments Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 NFC Payments Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 NFC Payments Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the NFC Payments Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global NFC Payments Market Size & Forecast, 2018-2028
4.5.1 NFC Payments Market Size and Y-o-Y Growth
4.5.2 NFC Payments Market Absolute $ Opportunity
Chapter 5 Global NFC Payments Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 NFC Payments Market Size Forecast by Type
5.2.1 Solutions
5.2.2 Service
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global NFC Payments Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 NFC Payments Market Size Forecast by Applications
6.2.1 Retail
6.2.2 Healthcare
6.2.3 Hospitality
6.2.4 Energy & Utilities
6.2.5 Transportation & Logistics
6.2.6 BFSI
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global NFC Payments Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 NFC Payments Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America NFC Payments Analysis and Forecast
9.1 Introduction
9.2 North America NFC Payments Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America NFC Payments Market Size Forecast by Type
9.6.1 Solutions
9.6.2 Service
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America NFC Payments Market Size Forecast by Applications
9.10.1 Retail
9.10.2 Healthcare
9.10.3 Hospitality
9.10.4 Energy & Utilities
9.10.5 Transportation & Logistics
9.10.6 BFSI
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe NFC Payments Analysis and Forecast
10.1 Introduction
10.2 Europe NFC Payments Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe NFC Payments Market Size Forecast by Type
10.6.1 Solutions
10.6.2 Service
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe NFC Payments Market Size Forecast by Applications
10.10.1 Retail
10.10.2 Healthcare
10.10.3 Hospitality
10.10.4 Energy & Utilities
10.10.5 Transportation & Logistics
10.10.6 BFSI
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific NFC Payments Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific NFC Payments Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific NFC Payments Market Size Forecast by Type
11.6.1 Solutions
11.6.2 Service
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific NFC Payments Market Size Forecast by Applications
11.10.1 Retail
11.10.2 Healthcare
11.10.3 Hospitality
11.10.4 Energy & Utilities
11.10.5 Transportation & Logistics
11.10.6 BFSI
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America NFC Payments Analysis and Forecast
12.1 Introduction
12.2 Latin America NFC Payments Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America NFC Payments Market Size Forecast by Type
12.6.1 Solutions
12.6.2 Service
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America NFC Payments Market Size Forecast by Applications
12.10.1 Retail
12.10.2 Healthcare
12.10.3 Hospitality
12.10.4 Energy & Utilities
12.10.5 Transportation & Logistics
12.10.6 BFSI
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) NFC Payments Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) NFC Payments Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) NFC Payments Market Size Forecast by Type
13.6.1 Solutions
13.6.2 Service
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) NFC Payments Market Size Forecast by Applications
13.10.1 Retail
13.10.2 Healthcare
13.10.3 Hospitality
13.10.4 Energy & Utilities
13.10.5 Transportation & Logistics
13.10.6 BFSI
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 NFC Payments Market: Competitive Dashboard
14.2 Global NFC Payments Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google Pay
14.3.2 LifeLock Wallet
14.3.3 Mastercard Incorporated
14.3.4 The American Express Company
14.3.5 Visa Inc.
14.3.6 Apple Pay
14.3.7 PayPal Payments Private Limited
14.3.8 Capital One Financial Corporation
14.3.9 The Bank of America Corporation
14.3.10 Payoneer Inc.
14.3.11 Stripe
14.3.12 Due Inc.
14.3.13 Samsung Pay
