“Adoption of Contactless Payments and NFC Technology”
- A major trend in the mobile money market is the rapid adoption of contactless payments and Near Field Communication (NFC) technologies, enabling faster, safer, and more convenient transaction experiences for users
- These innovations are gaining popularity across urban and semi-urban regions due to their ease of use, hygiene benefits, and compatibility with smartphones and smartwatches
- For instance, Apple Pay, Google Pay, and Samsung Pay are expanding their NFC-based payment services across new markets, including parts of Asia, Latin America, and the Middle East, promoting secure, tap-and-go transactions
- Retailers and service providers are also integrating contactless POS systems, making digital payments more accessible across sectors such as transportation, food delivery, and healthcare
- This trend is driving a shift toward fully digital ecosystems, improving transaction speed, reducing fraud risks, and contributing to the overall growth of the mobile money market
