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A new analysis of the NFC mobile payments opportunity forecasts that the gross transaction value of payments made via NFC for relatively low value purchases (i.e. refreshments, tickets and food) will exceed $75 billion globally by 2013.
In the second report in its “Mobile Payment Markets” series, Juniper Research found that there is a significant opportunity for all participants in the ecosystem — including mobile payment services, chips, phones and supporting services. According to Juniper, this market will reach its tipping point over the 2011 to 2013 period.
Report author Howard Wilcox said that NFC will achieve traction initially in developed countries and regions, with Japan already leading the way with FeliCa-enabled phones. “North America, Western Europe and countries such as Korea, Singapore and Australia are likely to see service take-up,” he added.
Highlights from the report:
- Global annual gross transaction value will grow over 5 times between 2011 and 2013.
- 2009 will see limited numbers of NFC devices shipped (except in the Far East & China region) but the market will begin to ramp up from 2010 onwards and by 2013, 20% of all phones shipped will possess NFC capability.
- The top 3 regions — Far East & China, North America and Western Europe — will represent nearly 90% of the $75 billion per year market by 2013.
However, Howard was cautions to say: “Whilst trial results so far have been encouraging, the industry as a whole will need to convince both consumers and merchants of the merits of yet another payment mechanism on top of cash, cheques, credit and debit cards, and to allay understandable (even if unfounded) fears and scepticism about the security of The Mobile Wallet.”
About The Author
Dusan Belic
Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.
