Contactless payments drive NFC chip growth

April 16, 2019 //By Jean-Pierre Joosting
NFC market to grow at 7 percent
Analysts predict that the near field communication (NFC) chips market will register a CAGR of over 7% by 2023.

One growth driver of the global near field communication (NFC) chip market is the increasing adoption of contactless payments. The rising prevalence of contactless payment and the increasing use of contactless cards and mobile payments are expected to drive the demand for NFC card readers across POS terminals.

Smartphones penetration is one of the key factors expected to foster the NFC chips market growth in the forthcoming years. NFC-enabled smartphones are often being used for peer-to-peer communication and card emulator applications.

However, a challenge to the growth of the NFC chips market is the low awareness of NFC technology. A reduction of NFC chips in key market segments increases barriers to growth.

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