Consumer Preference for Contactless Payments & Automated Ticketing Supported by Speed & Convenience Benefits Drives Demand for NFC Enabled Phones
Rapidly rising penetration of mobile phones, increasing integration of NFC technology in consumer electronic devices, and rising prominence of NFC technology for applications such as contactless payments and automated ticketing are poised to drive global sales of Near Field Communication (NFC) Enabled Phones to reach 2.7 billion units by 2024 . A standards-based wireless communication system that evolved from RFID technology, Near Field Communications (NFC) uses a reader/writer/tag for establishing simple and safe short range communications between enabled electronic devices. NFC has evolved as one of the most intuitive technologies enabling seamless interactions between wireless networking platforms. The technology’s ability to facilitate secure and fast contactless transactions, gain access to digital content through a tap or a wave at contactless card readers, and facilitating easy connectivity to electronic devices are contributing to the increasing popularity of NFC technolo...