Research from Juniper Research shows more than 1 in 4 of Western European and US mobile phone users will use an NFC-equipped mobile phone to pay in-store for goods by 2017. That’s a dramatic increase on this year’s total, which is expected to be less than 2%.
The total amount of money transacted in NFC mobile payments is set to exceed $180 billion (£117 billion) worldwide in 2017.
Dr Windsor Holden, co-author of the report and Research Director with Juniper Research, said “NFC retail payments are still at an early stage, but hold great promise. In 2011 we saw significant strides made within the ecosystem such as the launch of Google Wallet, the announcements of more mobile wallet consortia and the supply of an increasing number of NFC-enabled smartphone models. NFC is now impacting the public consciousness and we expect a rapid market expansion from 2012 onwards.”
[Whitepaper; report]