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Report: Increased Adoption of Mobile Payment & Digital Wallet Service

A new report forecasts the global NFC transaction market to grow at a CAGR of 55.23% during the period 2016-2020. The emergence of host card emulation (HCE) is one of the latest trends leading to market growth. HCE is an on-device technology that enables mobile or a wearable device to perform card emulation on an NFC-enabled device without relying on access to a secure element (SE). The introduction of NFC platforms based on HCE has potentially high implications for NFC stakeholders, provided it would reshape both; the value chain and the attendant business models. Also, the additional security provided by the inbuilt security feature of smartphones such as fingerprint reader, and iris scanner act as an additional layer of security for HCE.

According to the report, extensive use of mobile devices for payments will be a key driver for market growth. Mobile payments have become popular with the increased adoption of mobile devices and wearables. Vendors are deploying NFC POS terminals as they are flexible and facilitate hassle-free mobile payments. The NFC POS terminals also increase the value proposition and effectiveness of their marketing efforts. Thus, the growing implementation of NFC POS terminals at retail outlets is expected to boost the growth the market during the forecast period.

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