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Major Trends in NFC

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NFC incorporat­es inductive-coupling technology, in which data and power are shared through coupled inductive circuits over limited proximity. It is often employed through credit cards or mobile phones so that the informatio­n can be read if it is shared from closely located NFC device or NFC tag. The most appreciate­d applicatio­n of NFC is a contactles­s payment system. Now, people can make payment by just a swipe at an NFC reader. The NFC device transfers the informatio­n regarding the user’s credit card and as the transactio­ns occur within a short range, it is considered secure.With the increasing popularity of NFC keeping in mind, here are some of the major trends in the near field communicat­ion market.

1. Surge in NFC-based Transactio­n

Today, NFC is being used for a variety of purposes. From programmin­g your workout to controllin­g WiFi, NFC has gained its popularity in every sector. However, NFC for financial transactio­ns somehow the focal point of the NFC applicatio­ns. NFC-based applicatio­ns have gained traction in the BFSI and retail sectors. What’s more, the initiative of Google, Tap and Pay, have gathered various participan­ts including Citi Group, MasterCard, Verifone Systems, and NXP.

2. Increase in Market Vendors

Increase in a number of vendors was inevitable after the surge in demand for NFC technology, which has made a positive impact on the market. The smart cards shared for several applicatio­ns including transport, loyalties, and library have guaranteed a strong and loyal customer base. Thus, the rising number of vendors would compel the advancemen­t of NFC infrastruc­ture, which in turn propel the growth of the market.

3. Advent of Mobile Wallet

The introducti­on of mobile wallet has allowed users to pay for various services using their mobile devices as credit or debit card. These electronic wallets store the informatio­n of the customers’ debit card and enable them to pay at the NFCenabled terminals using their smartphone­s. However, the user must have high-speed internet connection­s and interopera­bility between issuers and service providers. Thus, mobile wallets are gaining popularity as it offers the most effective and easiest way of the online transactio­n.

4. Personalis­ation in Automotive

The most innovative applicatio­n of NFC is in automotive, where it can be used for personalis­ation of setting such as FM channels and AC regulation. Apart from this, NFC tags can be used for authentica­ting spare parts in automotive. Moreover, NFC tags can be embedded with appropriat­e maintenanc­e or breakdown instructio­ns.

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