NFC has its roots back in radio-frequency identification technology (RFID). RFID was patented in 1983, and first used in Star Wars toys in 1997.
In 2002, Sony and Philips created a specification and generated a technical outline for NFC technology. The technology was approved as an ISO/IEC standard in 2003.
Since then, NFC has been embedded in millions of devices around the world and it is being used by tech giants like Apple and Samsung for their e-wallet services.
The NFC market is now expected to reach $21.84bn by 2020, at a CAGR of 17.1% between 2015 and 2020, according to Markets & Markets.
Name of Technology:
Near Field Communication
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