NFC expected to have high growth rate

The NFC product type is expected to have the highest growth rate with the increasing penetration of NFC-enabled smartphones across all regions.

North America prevails over another region on account of its shift towards a digital economy. Europe is also showing robust mobile wallet market growth rate, followed by the Asia Pacific. Asian countries show high growth potential due to the adoption of smartphones.

At present, in the UK more than 88% of consumer payments are made via cashless modes. In the U.S. 80% of the consumer are using online payment. Governments are supporting mobile wallet and have implemented policies to move their countries to cashless economies.

In the Asia Pacific, Japan, China and India are moving towards cashless countries. There is a high growth opportunity for mobile wallet due to increased adoption of the smartphone in this region. In India online payment transfer has been increased drastically.