NFC Retail Payments to exceed $180bn by 2017

July 23rd, 2012

The last few weeks have been pretty tentative for Near-Field Communication (NFC). The potentially world-changing technology has been integrated into most recent high-end smartphones, but various computer wizzes have since found several gaping security issues with the technology.

This, however, hasn’t stopped Juniper Research from predicting that over $180 billion-worth of mobile payments will have been carried out using the technology by 2017.

Fuelled by the finalisation of infrastructure standards, integration into current handsets, and the release of Google’s Wallet service in the US, Juniper believe that the technology is indeed the next big thing in wireless payment technology.

According to report co-author Dr Windsor Holden, “This is a critical time for the NFC retail payments market. Despite the significant progress being made today, the full potential of the market can only be fulfilled if all ecosystem players are equally committed and mobile wallet consortia remain in place. Our report analyses the various consortia models being formed today and which types are expected to endure.”

The report has predicted that by 2017, more than 1 in 4 mobile phone users in American and Europe will be using their in-phone NFC to make payments in normal high-street stores.