Telecom Lead India: NFC Mobile Payments set to cross $180
billion worldwide in 2017 as NFC becomes standard, according to Juniper
Research.

 

For mobile wallet providers and partners, NFC payments
provide personalized retail marketing and sales opportunities above and beyond
the capabilities of debit or credit cards.

 

The report found that, while mobile retail
payment services of all types are growing in popularity, the ability to tap”
an NFC phone against a POS terminal to make a purchase has tremendous user
appeal.

 

NFC payments can also assimilate with other NFC
applications, such as metro ticketing. The report suggests that NFC retail
payments services must be deployed with a fully integrated and tested customer
care channel.

 

The research study found that one in four of US and
Western European mobile phone users will use their NFC-enabled mobile phone to
pay for goods in-store by 2017, compared with less than 2 percent in 2012.

 

Presently, more NFC payment pilots are being launched
worldwide and transitioning to full commercial service being spearheaded by
both mobile network operators and financial institutions.

 

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,” said Windsor Holden, report
co-author.

 

NFC phone sales will touch 100 million in 2012, NXP leads chip
market

 

It is expected that close to 100 million cellphones using
Near-field Communication (NFC) technology will be sold this year, with sales
more than tripling from a year ago. NXP Semiconductor is the leading
manufacturer of NFC chips.

 

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