The increasing adoption of sophisticated smartphones and tablets around the world is henceforth at the core of numerous awesome innovations within the financial and security industry.
DigitalEcono can then observe that,
increased penetration of smartphones and tablets in developed and emerging
countries drives the growing adoption of NFC technology.
For those who are unfamiliar,
Connectikpeople recalls that, the key applications of NFC technology include
contactless payment, information sharing, user authentication and access
control and others.
According to Research and
Markets mobile or contactless payment dominated the global near field
communication market by application, accounting for 33% market share in terms
of revenue in 2014.
Its recent report forecasts
that the World Near Field Communication Market will gain a revenue of $24.0
billion by 2020.
In 2014, 1.2 billion
smartphones were sold worldwide, which further increased by 7% in the first
quarter of 2015. Increased penetration of smartphones and tablets in developed
and developing regions is the key driving factor for the growing adoption of
NFC technology.
The NFC technology is
threatening conventional cash, credit or debit card transaction.