The Europe near field communication (NFC) chips market is projected to record a CAGR of 11.29% during the forecast years, 2022-2030. The presence of major market players operating in the region, in addition to trials and experiments carried out by mobile operators and banks, are the key drivers for market growth.
The Europe near field communication (NFC) chips market growth analysis includes the evaluation of Netherlands, Italy, Germany, Russia, France, United Kingdom, and Rest of Europe. In Italy, the government is promoting cashless payments through Italia Cashless, the plan developed by the government that rewards those who do not use cash in purchases. Consumers in Italy receive an automatic 10% refund into their bank account for cashless in-store payments made using a credit, debit, or prepaid card or payment app. These advantages favor the use of NFC chip-enabled payment methods in Italy.
Furthermore, in Russia, mobile contactless payments account for 34% of all card transactions and 31% of total card transaction value, compared with 25% of transactions and 23% of transaction value in 2019-2020. Such growth in contactless payments will offer a lucrative growth opportunity for NFC chips in the country.
In addition, the France market is mainly driven owing to innovation by telecom service providers in the form of the launch of cashless applications and escalating contactless cash limits in the country. Also, according to reports, around 40% of consumers would have their new cards consisting of the pound spending limit, further augmenting the demand for NFC chips in France.
Some leading players in the market include Marvell Technology Inc, NXP Semiconductors NV, Sony Corporation, Murata Manufacturing Co Ltd, etc.
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