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.

What 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.