June 8, 2011

NFC Payments Systems Technology: Growth Potential

Near field communications (NFC) Payment systems shot in the news when Google announced near field communications (NFC) as a payments system with the launch of Google Wallet. It is increasingly been seen as  technology which will be the future of money transactions.

NFC Payments Systems technology growth potentialWhat is NFC Payents Systems Technology

  • NFC enables people to make transactions, exchange digital content and connect electronic devices with a simple touch.
  • Android phones such as the Nexus S are being built with NFC chips, making your cell phone a mobile wallet.

NFC Payments Systems Technology Growth Till now outside US

  • Orange Mobile is using the technology
  • Starbucks is set to sign on to use the technology to enable payments in the U.K.

NFC Payments Systems Technology Future Growth Potential

Juniper Research has conducted a study regarding the potential growth of the global NFC mobile contactless payment transactions. Some of the key highlights of the study are as follows:

  • Global NFC mobile contactless payment transactionswill reach nearly $50 billion worldwide by 2014.
  • The next 18 months, we will see implementations of the technology in up to 20 countries.

  • North America and Western Europe will account for 50% of NFC payments market by value in 2014.

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