A bold new prediction contained within the latest Juniper Research report indicates that global NFC mobile contactless payment transactions may be on pace to approach $50 billion worldwide by 2014.
“Following on from the Orange Mobile Payments service launch in the UK, 2011 and 2012 are expected to be banner years for NFC service rollouts,” the report reads.
Based on the findings of Juniper’s research, prospects for NFC’s growth have improved tremendously just since the start of 2011.
The result, Juniper says, is a “vibrant sector” with significant potential to make peoples’ lives easier by simplifying lower value payments “whilst also offering a range of exciting retail possibilities including coupons and promotional offers.”
Together these elements form a compelling consumer proposition that will help to drive transaction frequency and value.
“Based on our analysis and interviews with key industry players our view is that the next 18 months will see launches in up to 20 countries,” says Juniper Senior Analyst David Snow.
But the persistent challenge of taking NFC mainstream hasn’t fully disappeared. Still, Juniper says North America and Western Europe will continue to push mobile payments to the forefront of consumer retail experiences.
North America and Western Europe will account for 50% of NFC payments market by value in 2014.
To check out “NFC Retail Marketing & Mobile Payments: Markets, Forecasts & Strategies 2011-2016,” visit www.juniperresearch.com.