NFC to cross $180 billion by 2017
NFC retail payments market will exceed $180 billion globally by 2017. The leading regions of North America, Western Europe and Far East & China will contribute 90% of this market value as smartphones with NFC payment technology become standard.
Technology & Ecosystem Developments
The report found that 2011 was a watershed year for NFC payments. Major technology infrastructure standards were finalised, many mobile network operators committed to the market and NFC payment pilots from both mobile operators and financial institutions transitioned to commercial service. Above all, NFC-enabled smartphone models were announced by almost all handset manufacturers and Google ignited the market by launching its wallet in the US.
New Focus on Retailers
The report warned, however, that the market acceleration of 2011 revealed some parts of the ecosystem unprepared for the future. In particular, retailers are less convinced of the benefits of NFC payments over existing card technologies and are unwilling to invest in contactless infrastructure so soon after the transition to CHIP&PIN. Education and “win-win” propositions from other ecosystem players are necessary to make retailers as committed to this opportunity as themselves.
You may visit Juniper Research website for more such reports.