Major Trends in NFC
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.