NFC-based contactless payments have been around for the last couple of years but are still waiting to reach the tipping point. According to the latest report by Juniper Research, these transactions will reach $74 billion by 2015, with folks using the technology to pay for goods in-store and as transport tickets.
Furthermore, the research company also pointed out that that all segments — including money transfers, banking, payments and coupons — are forecast to exhibit significant growth rates.
At the same time, the report warns that mobile commerce providers need to keep security issues in mind. Even if there is a perceived, if not actual threat, security risk is in the mind of users.
Some other findings from the report include:
- SMS is the key to widespread mobile banking service adoption
- Without interoperability mobile money transfer services will struggle to gain a critical mass of users.
- Whilst mobile coupons still represent the smallest mobile commerce segment, it is demonstrating the highest growth rate.
And you can get all details from Juniper’s full report.