Near field communication (NFC) technology is slated to become a standard feature in smartphones in the next few years. The technology has brought a sea change in the field of mobile communications, especially for services such as mobile payment (m-payment). In the coming years, NFC’s high potential is projected to make it the leading technology for m-payments, with continual support from consumers about the convenience of the ‘mobile wallet’ for payment purposes.
Apart from the area of smartphones, the technology is starting to be embraced for a variety of commercial products and services. The usage can range from the Apple watch to customer loyalty cards to inventory tracking and management and much more.
How Does NFC Work?
Near field communication allows communication between two electronic devices in close proximity to each other – a distance of 10cm or less is considered the norm. NFC consists of a short-range and low-power wireless link between two devices. Evolved from radio-frequency identification (RFID), NFC enables the transfer of small amounts of information between two devices in a short amount of time.
One of the most distinguishing advantages of NFC over other technologies is the adaptability of the technology with the existing communication infrastructure. NFC holds huge promise in today’s consumer market, which is dominated by smartphones, as it can work in association with existing smartphone technologies, either in collaboration or as a standalone technology, leveraging the available infrastructure.
Apart from the area of smartphones, the technology is starting to be embraced for a variety of commercial products and services. The usage can range from the Apple watch to customer loyalty cards to inventory tracking and management and much more.
How Does NFC Work?
Near field communication allows communication between two electronic devices in close proximity to each other – a distance of 10cm or less is considered the norm. NFC consists of a short-range and low-power wireless link between two devices. Evolved from radio-frequency identification (RFID), NFC enables the transfer of small amounts of information between two devices in a short amount of time.
One of the most distinguishing advantages of NFC over other technologies is the adaptability of the technology with the existing communication infrastructure. NFC holds huge promise in today’s consumer market, which is dominated by smartphones, as it can work in association with existing smartphone technologies, either in collaboration or as a standalone technology, leveraging the available infrastructure.
Browse Research Report: http://www.transparencymarketresearch.com/near-field-communication-market.html
The icing on the cake is the low-power usage of the technology, which does not strain the battery of the device. NFC can work seamlessly by tapping a smartphone on a contactless terminal at a coffee shop, train station, other stores, and all other locations connected by a network. An NFC device can identify the corresponding account to link with and payment takes place through an app on the phone.
NFC ‘tags’ that appear passive on posters, at train stations or in stores, are sometimes embedded with a web address, map, bus timetable, or a discount voucher. In an instance, passers-by can touch their phones to receive information or make instant payment for absolutely anything.
Global NFC Market – An Overview
As such, due to its real-life efficiency and the enhanced productivity of processes it brings about, the use of NFC technology will be on the rise in mobile devices. Consequently, the global NFC market is expected to display a whopping 43.7% CAGR from 2013 to 2019, states a recent market study by Transparency Market Research (TMR).
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/near-field-communication-market.htm
The major factors benefitting the near field communication technology market are as follows:
• In current times, the utilization of NFC technology in smartphones for mobile payment solutions has boosted growth of the near field communication technology market tremendously.
• In North America, high penetration of smartphones among consumers and the existence of the necessary infrastructure for contactless payments have been the major reasons allowing the region to contribute the highest revenue to the global near field communication market in 2012.
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