NFC Technology Impact on Digital Payments and Business Growth

This report delves into the significance of Near Field Communication (NFC) technology in the modern business landscape, particularly concerning digital payment systems. It highlights how NFC has revolutionized transactions, with mobile device applications replacing traditional plastic cards. The research emphasizes the importance of secure transactions in an era of increasing illegal activities. It examines the growth of NFC in Australia, its integration into payment processes, and the shift towards cashless practices. The report analyzes consumer behavior, the adoption of digital payment solutions, and the impact of NFC on customer loyalty and organizational performance. It explores the potential of NFC for future growth and social influence, concluding with key findings on the technology's benefits and its role in shaping the future of digital payments and business development.

Running head: MANAGEMENT
Management
Name of the student
Name of the university
Author note

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Table of contents
Introduction......................................................................................................................................4
Materials and methods.....................................................................................................................6
Results..............................................................................................................................................6
Discussion........................................................................................................................................9
Conclusion.....................................................................................................................................10
Reference list.................................................................................................................................11

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Abstract
In the modern world, technological innovation has not only brought the transaction opportunities
but also increasing illegal money laundering and black money have become important concerns
in the sector. With revolutionary technological changes, mobile device applications have
replaced the plastic cards. The significance of the research is it has shed light on the emerging
transaction issues in the modern world. Improving the payment methods in different sector, the
research has tried to highlight the significance of NFC in transaction innovation, for ensuring the
security as well as introducing smart communication mechanism in different sector. In the
research, it has been identified that due to changes in consumption trends, society is moving
toward cashless practices. Investigating the applications of NFC, it has been identified that in
order to increase the customer loyalty as develop strong communication with the customers,
NFC technology can play an effective role. Not only the self-efficacy but also providing a hike in
the integration process, the uses of Smartphones can help to develop the standard of the
organizations. Analyzing the future opportunities of NFC, it can be assumed that ion the near
future the technology can ensure the positive growth as well as strong social influences for
bringing the development in organizational performances.

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Introduction
Significance of the research
The significance of the research is it has shed light on the emerging transaction issues in
the modern world. It is true that in the modern world, technological innovation has not only
brought the transaction opportunities but also increasing illegal money laundering and black
money have become important concerns in the sector (Halaweh, 2015). In this situation, ensuring
the secure transactions have become necessary in the modern world. The research has described
the importance of the Passive NFC performs to absorb the radio energy for making effective
communication between different devices.
Research Approach
Technological innovation has brought huge changes in the transaction process in the
business sector. With revolutionary technological changes, mobile device applications have
replaced the plastic cards. In the market, Near field communication has increased the capabilities
of contactless transactions in the market. The NFC has been developed based on the RFID
technology, which has developed the communication between nearby devices of NFC.
Background of the research
In the modern world, in order to ensure effective communication with people, smart
phone has become one of the essential communication tools. In order to understand the
automation and development of modern equipment, smartphones are being considered as an
important electronic field in which the applications of NFC can bring the development of modern
transaction process. In the virtual reality, application of effective communication has become
necessary in order to ensure the smart marketing growth (Lee, 2016). Technological

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development through near field communication, not only ensure the Geo-tagging but also it can
help to introduce Geo-fencing, which has become effective communication aspect in the modern
world.
Research Gap
In the research paper the effective implications of NFC in different sectors has been
described. The research has introduced the importance of different types of communication
mechanism and highlighted different theoretical aspects of communication for the future
innovation has been highlighted in the research paper.
Aim of the project
Aim of this project is to shed light on the importance of NFC technology in the
transaction sector. Improving the payment methods in different sector, the research has tried to
highlight the significance of NFC in transaction innovation, for ensuring the security as well as
introducing smart communication mechanism in different sector.
Structure of the paper

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Materials and methods
The research paper has been conducted using the deductive research approach, existing
theories and models. Using the descriptive research design, the research information has been
collected in detailed manner. Using positivism research philosophy, the research problem has
been identified in logical manner. Identifying the problems regarding the electronic transactions
in the modern world, the researcher has focused on managing the emerging challenges regarding
transactions, which has become the important concern in the modern world.
Data collection process
Secondary information has been collected for conducting the research paper. Secondary
information has been collected from different journals. Qualitative research analysis method has
been adopted for conducting the entire research. Highlighting different research articles on the
particular topic, the research has been strengthened.
Ethical consideration
IntroductionChapter 1
Literature reviewChapter 2
Research MethodologyChapter 3
Presentation of dataChapter 4
Analysis and interpretationChapter 5
Conclusion and RecommendationsChapter 6

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The research project has been developed by following the guidelines of Data Protection
Act 1986. Information from the authentic sources have been collected and have been properly in
texted. None of the information has been copied by the researcher. In order to maintain the
authenticity of the research paper only the peer reviewed journals have been used.
Results
Analyzing the digital payment trends in Australia it has been identified that tap and pay
has become highly popular in the market. In the Australian Market, NFC technology has entered
in the Australian market and grabbed 50% of the entire payment processes ensuring the
subsequently and high opportunities in the market, NFC has enabled the countless payment
processes (Tech.economictimes.indiatimes.com, 2019). Analyzing the NFC growth in the
Australian market, it has been identified that near about 4 million handset users in Australia have
installed NFC. In order to securing the transaction processes, the Australian banks have
requested the large organizations to reinforce the transaction system with NFC. Most of the
business analysis have agreed that 2013, was the big year for NFC technology. The major
benefits of NFC technology is it not only can be used for transactions but also it can be used for
others activities too (Econsultancy.com, 2019). By gaining the mass adoption process like
Bluetooth and Wifi, NFC technology can integrate the wallet simplifying process more
effectively. Eliminating the needs for carrying the bank cards, NFC technology has aimed to
make the living process easier for the customers.
In the research, it has been identified that due to changes in consumption trends, society
is moving toward cashless practices. Near about 14.5 million Australian people have adopted the
digital payment solutions within the last 2 years (Econsultancy.com, 2019). Online payment

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platforms, bill payment services, contactless mobile payments have brought huge changes in the
transaction processes.
Figure: Digital payment solutions used by Australians in 2018
(Source: Roymorgan.com, 2019)
Analyzing the digital payment solutions used by Australian people, it has been identified that
from the last 12 months, almost 80% of total population in Australia have involved themselves in
digital transaction process.

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Figure: Percentage using digital payments in 2018
(Source: Roymorgan.com, 2019)
In the above diagram, it has been identified that female ratio is higher than the male ratio
in case of digital payment uses. In order to provide the frictionless payment experiences, the
financial, start-ups and tech companies have also adopted the digital payment practices.
Analyzing the global non-cash transaction volumes, it has been identified that in between
the year 2015 and 2016, the growth rate has reached 10.1% which indicates thee 482.6 billion
population of the globe. In the overall developing markets in all over the world, the notable
growth rates in Russia 36.5%, china 25.8%, South Africa 15.15 and India 33.25 have been
identified (Worldpaymentsreport.com, 2019). With the effective adaption of NFC technology,
the Cyber security in the market has been ensured. It is true that innovative new technologies can
be shown in the market for reducing the black money scandals.

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Discussion
Examining the research journals, it has been identified that emerging payment methods in
different business sectors have become one of the burning topics in the modern world (Bindroo,
Saxena & Khatri, 2017). In the emerging black money as well as illegal money laundering
situations, the payment methods has become highly important. In order to update the payment
methods, NFC has played a significant role. With the emerging digital content exchanging
situation, securing the customer payment through electronic devices have become important.
Analyzing the digital payment technology trends in 2019, it has been identified that one click
payment methods is being consumed by the customers in fastest manner (Abood, Ismail &
Nordin, 2016). With the expansion of smartphone penetration, in every minutes, the numbers of
digital payment method users are increasing in across the globe. It is also true that one click
payment procedure has also become highly popular among the customers. In order to expand the
digital payment networks, different apps have been introduced in the market.
Analyzing the digital consumer market, it can be said that the digital payment practices
have become highly popular among the 14+ customers (Abood, Ismail & Nordin, 2016).
Investigating the applications of NFC, it has been identified that in order to increase the customer
loyalty as develop strong communication with the customers, NFC technology can play an
effective role. Not only the self-efficacy but also providing a hike in the integration process, the
uses of Smartphones can help to develop the standard of the organizations. Analyzing the
emerging ISO standard, it has been identified that ensuring the effective organizational
performance, applications related to smartphones like GPS can play an important role for
updating the technological competencies in the tourism sector. By adding NFC in the android
system, hardware as well as software designing process can be improved. By continuing this, it

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can be said that innovation communication system can take place for ensuring the adaption of
NFC in the business sectors. Analyzing the future opportunities of NFC, it can be assumed that
ion the near future the technology can ensure the positive growth as well as strong social
influences for bringing the development in organizational performances. Depending on the
various technological innovation in the modern world, the technological innovation can help to
improve the communication as well as transaction processes in the world.
Conclusion
In this paper it can be concluded that analyzing the digital payment trends in Australia it
has been identified that tap and pay has become highly popular in the market. Analyzing the
future opportunities of NFC, it can be assumed that ion the near future the technology can ensure
the positive growth as well as strong social influences for bringing the development in
organizational performances.

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Reference list and bibliography
Abood, M. S., Ismail, M., & Nordin, R. (2016, November). A quiz management system based on
P2P near-field communication on Android platform for smart class environments.
In 2016 International Conference on Advances in Electrical, Electronic and Systems
Engineering (ICAEES) (pp. 83-88). IEEE.
Abood, M. S., Ismail, M., & Nordin, R. (2016, November). A quiz management system based on
P2P near-field communication on Android platform for smart class environments.
In 2016 International Conference on Advances in Electrical, Electronic and Systems
Engineering (ICAEES)(pp. 83-88). IEEE.
Bindroo, O., Saxena, K., & Khatri, S. K. (2017, August). A wearable NFC wristband for remote
home automation system. In 2017 2nd International Conference on Telecommunication
and Networks (TEL-NET) (pp. 1-6). IEEE.
Brohi, I. A., Ali, N. I., Karbasi, M., Shah, A., Akbar, A., Gharamah, A. R., & Ali, A. (2017,
August). Near field communication enabled payment system adoption: A proposed
framework. In 2017 IEEE 3rd International Conference on Engineering Technologies
and Social Sciences (ICETSS) (pp. 1-5). IEEE.
Çeltek, E. (2019). Advantages of Augmented Reality, Virtual Reality, QR Code, Near Field
Communication, Geo-Tagging, Geo-Fencing, and Geo-Targeting for Marketing Tourism.
In Smart Marketing with the Internet of Things (pp. 94-113). IGI Global.
Dutot, V. (2015). Factors influencing near field communication (NFC) adoption: An extended
TAM approach. The Journal of High Technology Management Research, 26(1), 45-57.