NFC Payments Market to Reach $507.1 Billion Globally by 2032

According to a new report, the global NFC payments market generated $25.8 billion in 2022, and is anticipated to generate $507.1 billion by 2032, witnessing a CAGR of 35.9% from 2023 to 2032.

The increasing adoption of smartphones as preferred payment devices, coupled with rising consumer demand for faster and more secure transactions, is boosting the growth of the NFC payments market. Additionally, the surge in contactless payment acceptance by retail stores, owing to the rising need for streamlined transactions and enhanced customer experiences, is further fueling market expansion.

However, the requirement for NFC-compliant smartphones poses a potential barrier, restricting the widespread adoption of mobile contactless payments, particularly among users with older or non-compatible devices. This factor is anticipated to hamper market growth during the forecast period. On the other hand, the continuous advancements in mobile payment technologies and the expanding integration of NFC capabilities by leading payment apps like Apple Pay and Google Pay are expected to unlock growth opportunities in the NFC payments market.