Everyone’s talking about mobile payments these days. Google has its own scheme, mobile carriers their own (Isis Mobile in the U.S.), while big retailers are also teaming-up to get involved in this hot-paced action.
And while there’s still no single model that’s been adopted by the entire market, things are moving forward. Some companies offer NFC-based solutions, whereas some others rely on barcode scanning (i.e. mFoundry and Starbucks, PayPal and Home Depot). According to NPD In-Stat, proximity mobile payment transactions will approach 9.9 billion in 2016, which is an almost ten-fold increase from 1.1 billion in 2012.
Moreover, the research company also suggests more people are now aware of the technology, with more than half of survey respondents saying they are familiar with mobile payments (up from just one-third in 2011).
Finally, In-Stat suggests that Asia Pacific will dominate the market throughout the forecast period, representing 41% of the transactions in 2016.
Additional details, as usual, are available from NPD’s website.