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02/08/2011 -
While demand for mobile payment services and technology remains relatively strong in the U.S., industry leaders have been somewhat slower in adopting what many perceive to be the technological channel through which transactions can be made.Near field communication technology refers to small computer chips that are installed directly into mobile handsets and used to transmit financial data between the phone and a payment terminal.
While most experts agree NFC will lead the market in the transition to mobile-based payment networks, the adoption rate is progressing at a slower pace than many had anticipated.
"We currently see the ramp is likely to be towards the lower end, or perhaps even slightly below our initial range for 2011, as the mobile operators implement their deployment strategies," Rick Clemmer, CEO of semiconductor producer NKP, told Near Field Communications World.
Nonetheless, analysts maintain the question of NFC adoption is not so much a matter of "if" than it is "when." Juniper Research projected last month that NFC transactions will rise from $240 billion this year to $670 billion in 2015.
