A new report from Juniper Research expects mobile payment transactions to increase nearly four-fold in the next five years, exceeding $1.3tn (£829 billion) by 2017.
This growth will mainly be driven by sales of physical goods by a combination of remote purchases and in-store NFC transactions. By 2017, these transactions will account for 54% of all mobile payments. However, physical goods purchases via mobile phones will still only account for around 4% of all retail transactions (and 30% of eRetail transactions) by 2017.
Dr Windsor Holden, Research Director with Juniper Research and author of the report, said “While we are now seeing significant deployments of contactless infrastructure, consumer awareness is extremely low. Thus, it is imperative for all members of the NFC value chain to engage with the public to heighten its profile as a simple, intuitive payment mechanism.”