Low processing fees through NFC technology will achieve cost and operational efficiency. Retailers accepting cashless payment will attain consumer data opportunities and loyalty. Special promotions and loyalty reward will help retailer to improve relations with mobile customers.
"Increasing penetration of NFC enabled mobile phones in Asia Pacific has contributed to significant growth from 2016 to 2024"
By 2024, Asia pacific region is predicted to generate key revenue and will have highest share among other regions. Large number of service providers and consumer preferences in this region are important factors for growth of mobile wallet market. In countries like India and China due to increase in disposable income and consumer needs mobile wallet market will have significant growth over the forecasted period.
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Government initiatives likes make in India and Digital India in country is expected to boost the penetration of mobile phones and other consumer electronics which will result in growing demand of industry.
Development in various applications such as NFC-based transactions, ticketing and access control in European market is anticipated over the forecasted period. Increase in number of NFC tags implementation has led to use of NFC readers. It is forecasted that Restaurant applications and public transportation will have key share in European market.
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