Too Long; Didn't Read
In-store mobile payments grew 29% in 2020, with Gen Zers expected to be 4 million of the 6.5 million new mobile wallet users during 2021-2025. NFC is based on Radio Frequency Identification (RFID) technology, that identifies objects or people. U.S. is now the world’s second-largest market of mobile wallets with $465.1 billion worth of mobile payment transactions, with expectations of increasing to $698 billion in 2023. Even as NFC technology appears to be so easy and convenient, it is not without its vulnerabilities.