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03/10/2011 -
Near field communications is heralded by many experts as the single technology that will drive the mobile payments landscape over the next several years. However, due to its considerable investment and logistical hurdles, some groups have criticized NFC as a passing fad.This week, however, ABI Research released a report that suggests NFC will become a mainstream payment technology in the U.S. and Europe by 2016. The group projects total worldwide NFC-based purchases to surpass $100 billion in that same year.
"Despite the lack of definitive announcements to date, MNOs and OEMs will flood some markets with NFC payment-ready smartphones in 2012 and 2013," said Mark Beccue, a senior analyst at ABI. "That, along with momentum from Google Wallet and several other MNO-led initiatives ... builds the installed base of NFC mobile payment users to more than 16 percent of mobile subscribers in the U.S. and Western Europe by late 2014."
Beccue added that business models - not the technology - are to blame for the slow pace of adoption in the industry. However, new partnerships such as the Isis joint venture and Google's collaboration with finance giants suggest a move toward a streamlined mobile payments landscape.
