PUBLISHER: The Business Research Company | PRODUCT CODE: 1760193
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760193
Near Field Communication (NFC) payment devices are wireless technologies that enable contactless payments by allowing two devices, such as smartphones or payment terminals, to exchange data when brought close together. These devices use short-range communication to securely transmit payment information, providing fast and convenient transactions without the need for physical cards or cash.
The primary types of NFC payment devices include smartwatches, fitness trackers, payment wristbands, smart rings, and others. Smartwatches are wearable devices that enable contactless payments through integrated NFC technology. They are used in a variety of settings, including grocery stores, bars, restaurants, drugstores, entertainment venues, fitness trackers, festivals, and life events. These devices are also employed in cloud services, telecom services, and enterprises.
The near field communication (NFC) payment devices market research report is one of a series of new reports from The Business Research Company that provides near field communication (NFC) payment devices market statistics, including the near field communication (NFC) payment devices industry's global market size, regional shares, competitors with a near field communication (NFC) payment devices market share, detailed near field communication (NFC) payment devices market segments, market trends and opportunities, and any further data you may need to thrive in the near field communication (NFC) payment devices industry. This near field communication (NFC) payment devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The near field communication (NFC) payment devices market size has grown exponentially in recent years. It will grow from $40.67 billion in 2024 to $50.20 billion in 2025 at a compound annual growth rate (CAGR) of 23.5%. The growth during the historic period can be attributed to the increasing trend of mobile commerce, the shift from traditional payment systems to digital solutions, the rise in contactless payments, the growing demand for mobile and wearable payment devices, and the wider adoption of contactless payment systems.
The near field communication (NFC) payment devices market size is expected to see exponential growth in the next few years. It will grow to $115.85 billion in 2029 at a compound annual growth rate (CAGR) of 23.3%. The growth during the forecast period can be attributed to increased awareness of the benefits of mobile payment technology, enhanced security of mobile payment systems, a surge in internet usage, rising smartphone penetration, and a shift in consumer preferences towards touchless/contactless payments. Key trends in the forecast period include the integration of Near Field Communication (NFC) technology, advanced technologies, technological advancements, blockchain technology, and further integration of NFC technology.
The increasing adoption of contactless payments is expected to drive the expansion of the near field communication (NFC) payment devices market in the near future. Contactless payments involve transactions where a card or mobile device is simply tapped near a compatible terminal, eliminating the need for physical contact. This surge in contactless payments has been driven by growing consumer demand for faster, safer, and more hygienic payment methods, especially following the COVID-19 pandemic. NFC payment devices enable these contactless transactions by using short-range wireless communication to securely transmit payment data. For example, in July 2024, UK Finance, a UK-based trade association, reported that in 2023, 18.3 billion contactless payments were made in the UK, marking a 7% increase compared to 2022. As a result, the rising adoption of contactless payments is contributing to the growth of the NFC payment devices market.
Key companies in the NFC payment devices market are developing cutting-edge technologies, such as contactless NFC payments, to offer faster, more secure, and convenient transaction solutions for both consumers and businesses. These innovations enhance the overall payment experience while reducing reliance on physical cash or card swipes. Contactless NFC payments allow transactions to be made by holding a device, such as a smartphone, smartwatch, or NFC-enabled card, near a point-of-sale terminal equipped with NFC technology. For instance, in November 2024, Bluecode, an Austria-based payment brand, launched NFC technology for iOS and Android devices, integrating it with barcode and QR solutions. Bluecode's contactless NFC solution enables users to make quick and secure payments via their mobile devices without physical contact with payment terminals, offering real-time processing and instant transaction feedback. Integrated with mobile wallets, this solution allows users to easily link their payment information and complete transactions effortlessly, while supporting a wide range of retailers and service providers to enhance overall usability.
In June 2023, Renesas Electronics Corporation, a Japan-based semiconductor manufacturing company, acquired Panthronics AG for an undisclosed amount. This acquisition allows Renesas to strengthen its connectivity portfolio by integrating Panthronics' advanced NFC technology. The move enhances Renesas' offerings in fintech, IoT, wireless charging, and automotive sectors. Panthronics AG is an Austria-based semiconductor company specializing in providing smart chipsets for near-field communication (NFC) technology.
Major players in the near field communication (NFC) payment devices market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Sony Corporation, Fujitsu Ltd., Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Thales Group, NXP Semiconductors NV, Xiaomi Corporation, Diebold Nixdorf, IDEMIA, Zebra Technologies Corporation, Ingenico Group, PAX Global Technology Ltd., BBPOS Ltd., Square Inc., VeriFone Systems Inc., and Bluefin Payment Systems LLC.
North America was the largest region in the near field communication (NFC) payment devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in near field communication (NFC) payment devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the near field communication (NFC) payment devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The near field communication (NFC) payment devices market consists of sales of merchant point-of-sale (NFC-enabled) devices, near field communication (NFC) payment rings, and near field communication (NFC) tags or stickers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. chain or as part of other products.
Near Field Communication (NFC) Payment Devices Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on near field communication (nfc) payment devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for near field communication (nfc) payment devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The near field communication (nfc) payment devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.