Technavio names leading vendors in NFC transaction market report

barclaycard_apple paySource: Technavio

Technavio a leading global technology research and advisory company has announced the top six leading vendors in their recent global NFC transaction market report until 2020. This research report also lists 10 other prominent vendors that are expected to impact the market during the forecast period.

The increased penetration and use of NFC-enabled devices is driving the global NFC transaction market by leaps and bounds. Most of the leading smartphone manufacturers such as Apple and Samsung are now launching their devices with inbuilt NFC technology. The gradual adoption of contactless payment by retailers such as Amazon, eBay, and McDonald’s to offer customers NFC-enabled payment option is another factor boosting the growth of the market.

The global NFC transaction market is highly competitive, compelling vendors to invest in designing, planning, developing, branding, expanding existing products and services, and acquiring new players in the market to gain the competitive advantage. “Technological innovations and creativity play a significant role in driving the market growth. To remain competitive in the market, vendors not only need to develop new ideas and technologies but also stay up-to-date with the emerging technologies and current affairs that could influence their service lines,” asserts Ujjwal Doshi, a lead analyst at Technavio for research on internet and e-commerce.

As of 2015, Apple Pay, a contactless payment solution by Apple, and Samsung’s mobile payment service, Samsung Pay, together accounted for more than 70% of the market. In February 2015, Apple Pay reported a user base of 12 million monthly users.

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Top six NFC transaction market vendors

Apple

In terms of revenue, Apple is the world’s second largest IT company. It began as a PC developer and manufacturer and has grown to offer a wide range of services including mobile devices, operating systems, related software and applications, and peripherals. In addition, the company also distributes third-party digital content and applications through its iTunes Store and App Store.

Apple launched its contactless payment solution, Apple Pay, using NFC with an embedded secure element (eSE) along with TouchID authentication in September 2014.

Google

Google is a global technology company that builds various products, and at the same time, provides various services for organizing information. The company carries its business in a wide range of sectors and industries, focusing on search, advertising, enterprise, operating systems and platforms, and hardware products. Online advertising is the primary source of the revenue for the company. It also generates revenue by selling hardware products.

The company operates through two operating segments, namely Google and Motorola Mobile.

Mastercard

MasterCard is a payment technology company that connects a large number of consumers, financial institutions, merchants, governments, and businesses worldwide. It enables users to make payments in electronic formats instead of cash and checks.

The main source of revenue for the company is the fees charged on the issuers and acquirers for providing transaction processing and other payment-related products and services.

PayPal

PayPal is a major online payment platform that allows financial transactions for users with a PayPal account. Payments can be made through PayPal balance, bank account, credit card, PayPal credit or debit card. The company also has an instant payment notification option that alerts the user when a transaction takes place.

PayPal provides an inexpensive and easy payment gateway and receives most of its revenues from eBay purchasers. It offers a secure web-based wallet system to transfer funds for both senders and receivers.

Samsung

Samsung is a multinational electronics and IT company that is engaged in the manufacturing of batteries, semiconductors, chips, flash memory, and hard drives.

Samsung launched Samsung Pay — its mobile payment service — in South Korea on August 20, 2015, and in the US on September 28, 2015. Samsung Pay allows the Samsung mobile device users to transact at NFC terminals.

Visa

Visa is a global technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories.

The company provides digital wallet solution that offers secure cross-channel digital wallet and a range of customized mobile payment services. The digital wallet can store Visa and non-Visa accounts, support NFC payments and deliver a wide range of financial transaction services.

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Categories: Mobile Payments

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