2017 mobile payment market will reach 780 billion US dollars NFC chip program into the mainstream

2017 mobile payment market will reach 780 billion US dollars NFC chip program into the mainstream

Global mobile payment opportunities are booming, with an estimated market size of $780 billion in 2017 and an annual growth rate of 25.8%.

The latest research report of TrendForce's Tuoba Industrial Research Institute pointed out that in 2016, smart phone operators continued to build their own payment ecosystem, and various types of payment methods also flourished, pushing up global mobile payment opportunities, and the global mobile payment market is expected to be scaled in 2017. It has reached 780 billion US dollars and has an annual growth rate of 25.8%.

Xie Yushan, senior research manager of Tuoba, said that in 2016, mobile phone operators continued to promote their own mobile payment services, among which Apple and Samsung have an absolute advantage. In terms of operating system, Android has more than 50% of the global market share. Therefore, in order to expand business opportunities, Google has also accelerated the internationalization of Android Pay. In December 2016, it announced cooperation with Japan Lotte.

Xie Yushan pointed out that Japan's mobile payment market has always been relatively closed, almost monopolized by local players, and the successful entry of Android Pay into the Japanese market is of great strategic significance. Android Pay is used by Lotte Edy payment system for McDonald's, Family Mart, Lawson, Dominos, etc. It also plans to cooperate with FeliCa (Sony-driven RFID smart payment system) and expects to obtain eMoney, Visa in 2017. Support from payment providers such as MasterCard and Tokyo Mitsubishi Bank has made Android Pay's ecosystem in the Japanese market more robust.

Observing the mobile payment security technology in 2017, Xie Yushan said that in addition to integrating the encryption chip, through the application of encryption algorithm and multi-factor authentication, the identification efficiency of the customer can be improved to obtain relevant authorization and increase the security of data transmission. On the other hand, payment solutions using NFC chips are gradually becoming mainstream. With 2016, Chinese mobile phone brands such as Huawei, Xiaomi and Meizu have launched NFC-enabled mobile phones; Takuya estimates that 2017 NFC mobile phones are smart. The total shipments of mobile phones will exceed 60%, driving the convenience and security of NFC payments, and having the opportunity to change consumers' payment habits.

Xie Yushan said that the development of security mechanisms in NFC modules still needs to solve the problem of secure access control mechanism. It must be combined with mobile application design, including the integration of NFC control chips and other chips, if combined with fingerprints, irises and finger veins. The identification chip can achieve multiple verification security effects. Among them, the mobile phone equipped with fingerprint identification can not only simplify the transaction, enhance the user experience, but also protect personal information security. Tuoba estimates that in 2017, smart phones will be equipped with fingerprint identification as standard, and the mobile phone fingerprint identification function will be more than 50%.

In addition, because iris recognition is even safer than fingerprint and voiceprint recognition, it has become a technology that mobile phone manufacturers have begun to invest in. For example, Samsung introduced mobile phones into iris recognition, and enhanced algorithms to provide faster detection speed and optimize user experience. Since the iris recognition requires an infrared camera to increase the hardware cost, the initial application should be only for high-end mobile phones.

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