India Near Field Communication Market is Expected to Register a 14.28% CAGR Through 2030
Rapid Growth of Digital Payments & Cashless
Transactions and Government Initiatives & Support for Smart Cities are
likely to propel the market during the forecast period.
According to
TechSci Research report, “India Near Field Communication Market – By Region,
Competition, Forecast and Opportunities, 2020-2030F”, India Near Field Communication Market was
valued at USD 2.80 Billion in 2024 and is expected to reach USD 6.28 Billion by
2030 with a CAGR of 14.28% during the forecast period.
The
rapid adoption of digital payments in India has been a significant driver of
the NFC market. With the government’s push for a "Digital India" and
initiatives such as the Digital Payment Ecosystem, the country has witnessed an
exponential rise in cashless transactions. This has made NFC technology an
attractive option for businesses and consumers alike, particularly in the form
of contactless payments.
NFC-enabled
payment systems, such as contactless credit and debit cards, digital wallets
(like Google Pay, Paytm, and PhonePe), and mobile payment solutions, offer a
fast, secure, and convenient way to complete financial transactions. This
technology eliminates the need for swiping cards, entering PINs, or waiting for
traditional transactions to process. As a result, consumers can make payments
in just a tap, which reduces transaction times and enhances user experience,
making it highly attractive to the tech-savvy Indian population. Moreover, with
India's growing smartphone penetration, especially in rural and semi-urban
areas, the use of NFC-based payment solutions through mobile devices is
becoming increasingly popular. The ease of using smartphones for NFC
transactions has driven adoption among a broader demographic, enhancing the
accessibility of digital payments. The government’s demonetization efforts in
2016 also served as a catalyst, pushing more people to adopt cashless payment
methods. The integration of NFC into point-of-sale (POS) terminals has further
streamlined the process, fostering consumer trust and expanding the market.
NFC’s
ability to enhance security through tokenization, encryption, and two-factor
authentication also contributes to its success in India’s digital payment
landscape. As the demand for secure, hassle-free payment options continues to
rise, NFC technology is expected to play a pivotal role in shaping the future
of financial transactions in India.
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Based
on Device Type, Smartphones & Tablets held the largest market share in
2024. Smartphones and tablets dominate
the India Near Field Communication (NFC) market due to several key factors,
including the rapid adoption of mobile payment systems, increased smartphone
penetration, and the convenience offered by these devices in daily transactions
and data exchanges.
The
increasing use of smartphones in India has directly contributed to the
dominance of NFC in this product category. With over 1 billion mobile phone
users in India, the vast majority of smartphones, especially in the mid-range
and premium segments, come equipped with NFC chips. This widespread integration
of NFC in smartphones has enabled consumers to use their devices for a variety
of NFC-enabled functions, including contactless payments, data sharing, and
secure authentication.
Mobile
payment solutions like Google Pay, Paytm, PhonePe, and Amazon Pay have been key
drivers in popularizing NFC. These platforms allow users to make quick and
secure payments by simply tapping their NFC-enabled smartphones at POS
terminals. This convenience and security make smartphones the preferred device
for contactless payments, especially with India’s ongoing shift toward a
cashless economy. Moreover, NFC technology in smartphones is not limited to
payments. It also supports other functions, such as fast data transfer between
devices (e.g., sharing photos or videos) and NFC-based access control for
secure entry into buildings or public transportation systems. These features
further enhance the functionality of smartphones and tablets, contributing to
their dominance in the market.
The
affordability and accessibility of NFC-enabled smartphones, especially with the
rise of budget-friendly models, have also played a significant role in their
dominance. As more consumers, including those in rural areas, adopt
smartphones, the market for NFC technology continues to grow.
Based on region,
North India is the fastest-growing region in the India Near Field Communication
(NFC) market due to several key factors that contribute to its rapid adoption
and expansion of NFC technology. This region, which includes states like Delhi,
Uttar Pradesh, Haryana, Punjab, and Rajasthan, has become a hub for both
technological innovation and infrastructure development, driving the NFC
market's growth.
North India is
home to major metropolitan cities like Delhi and Chandigarh, which have seen a
surge in urbanization and digital infrastructure development. These cities are
at the forefront of adopting NFC-enabled solutions for payments,
transportation, and access control. For instance, Delhi Metro's NFC-based smart
card system has revolutionized public transportation, and the extensive use of
NFC in retail outlets and malls is becoming common. Urban areas in North India
are embracing smart city projects, with NFC being an integral part of public
services, payment systems, and urban mobility.
The government’s
push for a cashless economy and its Smart Cities Mission has particularly
impacted North India, where states like Uttar Pradesh and Haryana are rapidly
adopting digital payment systems. Government initiatives like promoting
contactless payments and the digitization of services have accelerated the
implementation of NFC in public transportation, retail, and government services
in the region.
North India has
seen a significant rise in smartphone usage, particularly in urban centers.
With smartphones now a primary device for digital payments and services, the
NFC-enabled smartphones are gaining widespread adoption in the region. The ease
of making secure, contactless payments through mobile wallets such as Paytm,
Google Pay, and PhonePe has further fueled the NFC market’s growth.
Major companies
operating in the India Near Field Communication Market are:
- NXP Semiconductors
- Sony Corporation
- Qualcomm Incorporated
- Broadcom Inc.
- Infineon Technologies AG
- Texas Instruments Inc.
- Apple Inc.
- Huawei Technologies Co., Ltd.
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“The India Near Field Communication (NFC)
market presents significant growth opportunities driven by the increasing adoption
of digital payments, government initiatives supporting smart cities, and the
rising use of smartphones and wearable devices. With India’s push towards a
cashless economy, the demand for secure, seamless, and contactless payment
solutions is accelerating. Additionally, NFC is expanding in sectors like
public transportation, healthcare, and retail, offering further market
potential. As consumer awareness grows and infrastructure improves, the NFC
market is poised for substantial expansion, making it an attractive opportunity
for businesses in fintech, technology, and urban development sectors.”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India Near Field
Communication Market, By Product Type (Non-Auxiliary
Products, Auxiliary Products), By Device Operating Mode (Reader Emulation, Card
Emulation, Peer-To-Peer), By Application (Mobile/Contact Less Payment,
Information Sharing, User Authentication & Access Control, Monitoring
Healthcare Systems, Others), By Device Type (Smartphones & Tablets, Laptops
& Personal Computers, Others), By End User (Retail, Transportation,
Healthcare, BFSI, Others), By Region, Competition, Forecast &
Opportunities, 2020-2030F”,
has evaluated the future growth potential of India Near Field Communication
Market and provides statistics & information on Market size, structure and
future Market growth. The report intends to provide cutting-edge Market
intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the India Near Field Communication
Market.
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