In response to the increased need for wireless connectivity, businesses are rapidly adopting NFC technologies, such as smartphones and wearable with NFC capabilities. In addition to being an efficient solution for linking devices, NFC technology offers several energy-saving advantages. NFC readers can operate tags only when required, transmitting power without wires. Consequently, energy-efficient items will become more functional.
NFC devices can also function as readers or tags. Your cell phone or any other hardware, such as digital business cards, can fulfil both jobs. NFC payments enable contactless payments or the “Tap and Pay” capabilities. It would help to place EMV Cards with a chip into a reader. Bringing an NFC-enabled card or smartphone to an NFC scanner is sufficient to complete the transaction.
The use of NFC mobile technology is already widespread. Smartphones such as Android, Blackberry, and Windows Phone 8 have NFC-enabled capabilities. Besides smartphones, wearable technology like fitness bands and wireless speakers also support this form of communication. NFC technology is also secure and only accessible to authorized entities. It will be helpful in various scenarios, including automobiles, rail, public transit-fare redemption, building access, and credit/bank-card replacement.
Market share of mobile devices with NFC
Marketer predicts that the market share of NFC-enabled mobile devices will reach $1 trillion by 2023. As many individuals embrace the simplicity and security of mobile payments, this technology is gaining popularity. Increasing cell phone penetration and moving toward cashless payment are primarily responsible for its popularity. Moreover, firms are localizing content for mobile platforms, which presents new market potential.
NFC-enabled smartphones can be used for various applications, such as mobile marketing, access control, and ticketing. Several of these gadgets include NFC chips for use as card readers. The NFC Forum, which develops standards and educates the public about the technology, anticipates that the market share will quadruple by 2023.
NFC is simple, intuitive, and readily available to smartphone users. Studying how you can integrate the technology into your retail operation makes sense. Only an NFC tagify is required to receive contactless payments from customers.
Consider how else you could utilize NFC to improve the consumer experience in your retail business. Visit NFC Tagify to know more information about NFC technology solutions.