Remittance
Market Research Reports that Analyst
over the years on the confidence of their experience and advancement have
speculated that plastic cards would be ditched by our phone that is they would
use a radio frequency called Near Field Communication (NFC) to send payments
data to compatible store registers. Active devices are able to both send and
receive data, and can communicate with each others as well as passive devices.
Smartphone are the most common form of active NFC device
Modes of Operation of NFC
NFC
devices support three modes of operation reader/writer, peer to peer, and card
emulation.
•
Reader/writer Mode: NFC devices are capable of reading NFC
forum-mandated tag such as contactless smartcard. This mode is used to get
information or initiate an action.
•
Peer-to- Peer Mode: It is used to establish two-way communication
to exchange data. They can initiate communication as equals or peers.
•
Card Emulation Mode: This enables contactless payment and
ticketing, access control, transit, tollgates without changing the existing
infrastructure.
Technology Enabler
NFC
has proved to be blessing in disguise for customers and business due to its
inherent characteristics such as:
ü Intuitive: NFC interactions is one touch simple setup
and can replace the pairing of Bluetooth enabled devices, or the configuration
of Wi-Fi network through PINs and keys
ü Open and
standards based: NFC technology
follow universally implemented ISO, ECMA and ETSI standards.
ü Interoperable: NFC has ability to support secure
application, its transmission are short ranging from touch to four centimeters
and exists with contactless card technologies.
Remittance
Industry Analysis Reports
that in 2017, Apple opened up IOS 11 to support NFC application on the iphone.
They had NFC integrated in their phones, it’s no longer limited to Apple Pay
but even third party developers can take advantage. Even the android phones who
are dominant market leaders globally they have already inculcated native NFC
support on the phones ranging from Samsung galaxy S9 to the new Google pixel 2.
In fact there are already over 2 billion NFC enabled devices in the world
across every major mobile operating system. According to industry veterans NFC
market will continue to grow 17.9 percent over the next decade, reaching nearly
$50 billion by 2025.
Tostitos’
launched an alcoholic- detecting chip bag that allows those who had a little much
to drink to call an uber by tapping the NFC- enabled bag. NIKE’s NFC enabled
basketball fan jerseys unlock premium content like game highlights, playlists
and products. Compari and skyy vodka’s fridge magnet let you order alcohol with
the tap of your phone. Even L’Oreal introduced a UV sensor to test how much sun
you’ve taken in the day.
Promising Future of NFC
All
Developing countries for instance Mexico still has large chunk of the
population that is still not in the reach of banks and financial institutions
due to lack of infrastructure and information to the customers. This makes the
usage of mobile banking a prime source to reach the rural customers who would
ideally take years to become a part of the banking and financial services
sector. This trend is likely to be continued in future with the proliferation
of smart phones that makes online transfers more convenient and cheaper.
However in India the market is bit different as people are not comfortable with
NFC they are still depends on cash transactions.
Android,
Apple, and Samsung Pay are notable users of NFC technology which promote safe
and secure payment between customer and POS system with just one tap. In new
age of globalization and technology advancement NFC is prophesized to be knight
in shining armor by collaborating with POS and MPOS systems and even give his
share of contribution in healthcare sector by detecting problem just by touch.
NFC would become a major factor for discarding debit card in the future.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
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