Organisations remain unconvinced of the benefits offered by near field communication (NFC) payment systems, however Juniper research believes that usage will increase seven-fold to hit $180 billion globally by 2017.
The report says the retail industry is cautious about NFC, unwilling to invest in contact-less payments so soon after the implementation of chip and pin. However, many mobile operators have demonstrated commitment to the system with pilot schemes and NFC enabled handsets already available.
“This is a critical time for the NFC retail payments market. Despite the significant progress being made today, the full potential of the market can only be fulfilled if all ecosystem players are equally committed and mobile wallet consortia remain in place,” says report co-author Dr Windsor Holden.