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NFC Payments Market to Reach $507.1 Billion Globally by 2032 at 35.9% CAGR: Allied Market Research
Rising acceptance of contactless payments by retail stores and growing integration of NFC capabilities by leading payment apps are anticipated to drive the growth of the global NFC payments market during the forecast period. The Asia-Pacific region held the majority of the market share in 2022
WILMINGTON, Del., Dec. 15, 2023 /PRNewswire/ — Allied Market Research has recently published a report, titled, “NFC Payments Market by Device Type (Smartphones, Smartwatches, Tablets, EMV Cards, Others), by End User (Retail Stores, Hospitality, Healthcare Services, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global NFC payments market generated $25.8 billion in 2022, and is anticipated to generate $507.1 billion by 2032, witnessing a CAGR of 35.9% from 2023 to 2032.
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- 84 – Tables
- 50 – Charts
- 180 – Pages
Prime Determinants of Growth
The increasing adoption of smartphones as preferred payment devices, coupled with rising consumer demand for faster and more secure transactions, is boosting the growth of the NFC payments market. Additionally, the surge in contactless payment acceptance by retail stores, owing to the rising need for streamlined transactions and enhanced customer experiences, is further fueling market expansion. However, the requirement for NFC-compliant smartphones poses a potential barrier, restricting the widespread adoption of mobile contactless payments, particularly among users with older or non-compatible devices. This factor is anticipated to hamper market growth during the forecast period. On the other hand, the continuous advancements in mobile payment technologies and the expanding integration of NFC capabilities by leading payment apps like Apple Pay and Google Pay are expected to unlock growth opportunities in the NFC payments market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$25.8 billion |
|
Market Size in 2032 |
$507.1 billion |
|
CAGR |
35.9 % |
|
No. of Pages in Report |
180 |
|
Segments covered |
Device Type, End User, and Region |
|
Drivers |
Growing preference for smartphones as the primary payment method Rising acceptance of contactless payments by retail stores |
|
Opportunities |
Continuous advancements in NFC-enabled card technology
Rising integration of NFC capabilities by leading payment apps |
|
Restraints |
Technical limitations associated with NFC payments, such as the requirement for specific devices |
COVID-19 Scenario:
- The COVID-19 pandemic made a huge impact on the global NFC payments market. The increased awareness of hygiene and safety concerns boosted the adoption of contactless payments, as consumers actively sought to reduce physical contact with cash and payment terminals.
- The implementation of lockdowns and restrictions on in-person shopping contributed to an increased reliance on online transactions, further elevating the role of NFC payments in facilitating secure online transactions. The fear of virus transmission through physical currency drove the adoption of digital payment methods, with NFC technology playing a crucial role in enabling secure and convenient contactless transactions.
- The pandemic acted as a catalyst for the digital transformation, emphasizing the need for enhanced security measures within the NFC payments market to safeguard users’ financial information against fraud and cyber threats.
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Device Type: Smartphones Sub-Segment Expected to Grow with Highest CAGR by 2032
The smartphones sub-segment dominated the global NFC payments market share in 2022, holding a major share of 30.1%. This dominance is expected to continue by 2032, growing with CAGR of 36.6%. This growth is mainly because of the remarkable convenience, speed, and security of smartphone-based payments, coupled with their widespread adoption as a preferred method for in-store and online transactions.
End User: Retail Stores Sub-Segment Anticipated to Grow with Highest CAGR by 2032
The retail stores sub-segment dominated the market in 2022, holding a major share of 35.2%. This dominance is expected to continue till 2032, growing with a CAGR of 36.5%. This growth is mainly due to the increasing adoption of contactless payments in retail stores for streamlining transactions, thus offering faster and more efficient checkouts.
By Region: Asia-Pacific Held the Dominant Position in 2022
The Asia-Pacific region dominated the global NFC payments market in 2022, holding a major share of 34.1%. This is mainly due to the increasing adoption of contactless payments, driven by a surge in the issuance of contactless cards by banks and a substantial 29% year-on-year growth in mobile wallet usage in 2020. Collaborative efforts within the market, coupled with favorable regulatory conditions supporting widespread adoption, have further boosted the regional market’s growth.
Leading Players in the NFC Payments Market:
- Block, Inc.
- Apple Pay
- Samsung Pay
- One97 Communications
- Visa Inc.
- AMERICAN EXPRESS COMPANY
- PayPal
- Alphabet Inc. (Google LLC)
- Venmo
- Mastercard Incorporated
The report provides a detailed analysis of the key players of the global NFC payments market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the nfc payments market analysis from 2022 to 2032 to identify the prevailing nfc payments market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the nfc payments market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global nfc payments market trends, key players, market segments, application areas, and NFC payments market growth strategies.
NFC Payments Market Report Highlights
By Device Type
- Smartphones
- Smartwatches
- Tablets
- EMV Cards
- Others
By End User
- Retail Stores
- Hospitality
- Healthcare Services
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, Rest of LAMEA)
Key Market Players: Alphabet Inc. (Google LLC), Venmo, Visa Inc., Apple Pay, AMERICAN EXPRESS COMPANY, Samsung Pay, Block, Inc., PayPal, Mastercard Incorporated., One97 Communications
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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