Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
NFC Mobile Contactless Payment Transactions to Reach $50 Billion Worldwide, Says Report
A new report from Juniper Research forecasts that global NFC mobile contactless payment transactions will reach nearly $50 billion worldwide by 2014. Following on from the Orange Mobile Payments service launch in the UK, 2011 and 2012 are expected to be banner years for NFC service rollouts.
In researching the new report, Juniper concluded that prospects for NFC have improved markedly in the last half year. This has resulted in a vibrant sector with significant potential to make peoples’ lives easier by simplifying lower value payments whilst also offering a range of exciting retail possibilities including coupons and promotional offers. Together these elements form a compelling consumer proposition that will help to drive transaction frequency and value.
According to Senior Analyst David Snow: “Based on our analysis and interviews with key industry players our view is that the next 18 months will see launches in up to 20 countries. As a result Juniper is forecasting that North America and Western Europe together will exceed the Far East region in under three years based on transaction value.”
In the report, entitled NFC Retail Marketing & Mobile Payments Report, Juniper also warns that even after the recent vendor announcements, much more progress is required to make NFC devices mainstream. Typically launches are based on a small number of NFC phones initially.
Juniper’s new report contains comprehensive and detailed six year forecasting for all the key market parameters including users, transactions and values for both NFC ticketing and retail payments. The report also breaks out the opportunity for value added retail marketing services through coupons and smart posters. Additionally the report pinpoints the drivers and constraints impacting the market, and tracks the status of 14 vendors addressing the market.
Further findings include:
- North America and Western Europe will account for 50% of NFC payments market by value in 2014.
- Poor user experience is an implementation risk – such as transport gating delays.
More information: <a href=”http://juniperresearch.com/reports/NFC_Retail_Marketing_and_Mobile_Payments” target=”_blank” rel=”nofollow”>NFC Retail Marketing & Mobile Payments Report</a>.
Source: Juniper Research