Saturday 1 November 2014 | RSS

 
Feedback
 
 

Juniper: NFC payments to exceed US$180bn in 2017

NFC payments will be being made in store by more than one in four mobile phone users in the US and Western Europe in five years time, the forecaster predicts.

Juniper Research

JUNIPER: Tap to purchase "has tremendous user appeal"

More than US$180bn worth of transactions will be being made around the world via NFC phones in 2017, according to a new forecast from Juniper Research.

NFC payments will be being made in store by more than one in four mobile phone users in the US and Western Europe that year, Juniper adds, “as NFC becomes standard”.

‘NFC Mobile Payments & Retail Marketing: Business Models & Forecasts 2012-2017′ also finds that, while mobile retail payment services of all types are growing in popularity, the ability to tap an NFC phone against a POS terminal to make a purchase “has tremendous user appeal”.

The report warns, however, that NFC retail payments services must be deployed with a fully integrated and tested customer care channel. “NFC payments are a complex fusion of mobile, financial and retail technology; a single point of contact to take responsibility for resolving a problem quickly and efficiently must be established or users will desert the service,” say the authors.

“NFC is now impacting the public consciousness and we expect a rapid market expansion from 2012 onwards,” explains co-author Dr Windsor Holden.

More headlines...