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.
FIME
FIME advances end-to-end transaction solutions and mobile services, enabling market security and interoperability.
As an independent worldwide leader in consulting and testing services, FIME ensures the compliance of mobile devices and chip-based applications to industry standards. Its international team works with manufacturers, banks and authorities within the EMV payments, mobile near field communication (NFC), telecom, transport and e-identity sectors. [Read more…]
Best Hidden Stocks for Near Field Communication (NFC)
Mobile Contactless Payments Summit: Oct. 17-18, 2011, Chicago, IL
Strategic Solutions Network (SSN) will welcome an estimated 400 executives from leading retailers, banks, carriers and technology companies to attend the Mobile Contactless Payments Summit October 17-18th, 2011 at the W Chicago City Center.
The 3rd Mobile Contactless Payment Innovations Summit is part of the Alternative Payment Systems Innovations (APSI) series of conferences featuring the top visionaries in the mobile space who will examine the disruptive nature, promises and challenges of the rapidly evolving mobile payments industry.
“We have developed the agenda to focus on the most advanced and value-added developments within mobile payments. This has resulted in over threefold audience growth since our Inaugural event last October,” comments SSN CEO, Aron Barkan. “This illustrates that contactless payments is not just a trend, but will soon become a ubiquitous and universally adopted global solution.”
Conference organizers note that senior executives should incorporate a sophisticated mobile payments strategy into their overall business plan. The World Payments Report 2011 projects that mobile payments will grow globally from 4.6 billion to 15.3 billion transactions between 2010 and 2013 – at a rate of 48.8 percent per year.
Additionally, a new study from Juniper Research has determined that the total value of mobile payments for digital and physical goods, money transfers and NFC (Near Field Communications) transactions will reach $670 billion by 2015, up 178% from the $240 billion estimated for 2011.
The two-day conference features best practice case studies, keynote presentations, panel discussion and networking sessions delivered by executives from leading companies such as Paypal, Google, Walgreens, Best Buy, Groupon, MasterCard, Bank of America, Nokia, The Home Depot, Polo Ralph Lauren, Jamba Juice, Discover Network, RadioShack, National Retail Federation, Barclaycard US, Citigroup, Verizon, National Restaurant Association, American Express and others.
For more information: Payment Innovations
Merchants – How to Accept Google Wallet
If you’re a small or medium-sized business, if you can’t already accept contactless payments today, you’ll need to upgrade your system, which is likely out of date with the latest technologies.
First data offers updated systems so you’ll be able to accept Google Wallet, other contactless payments, and of course traditional payment forms, with a single package.
If you already accept contactless payments, you’re ready for Google Wallet. [Read more…]
New Report Focuses on NFC and Mobile Payments Landscape
There is much buzz around the growth of mobile payments in the United States, with predictions that it will hit $214 billion by 2014, according to Aite Group. But which of the many possible approaches — including integrated NFC, non-integrated contactless, bar codes, cloud-based solutions, and text messaging — is the best choice?
The Smart Card Alliance today released a white paper entitled, “The Mobile Payments and NFC Landscape: A U.S. Perspective.”
The white paper provides an overview of the current state of the market for mobile payments and NFC-enabled payment applications in the U.S., and evaluates the advantages and disadvantages of different mobile payment approaches.
“Technology is always changing, especially within the mobile and payments industries, so it is difficult to predict when and how mobile payments will become commonplace in the United States,” said Randy Vanderhoof, executive director of the Smart Card Alliance. “The goal of this white paper is to help industry stakeholders understand the current mobile payments landscape, anticipate how mobile payments are likely to change, and appreciate the opportunities that mobile payments, and particularly NFC-enabled mobile contactless payments, present.”
Some of the topics covered in this snapshot of mobile payments include:
- A description of the different types of mobile financial applications in use today
- Discussion of the different mobile payments approaches with implementation examples
- A summary of the merchant, consumer, issuer, and mobile operator requirements for NFC mobile proximity payments and the attendant benefits
- An update on the status of Near-Field Communications (NFC) mobile proximity payments infrastructure
- Evaluation of how different mobile payment approaches fulfill overall market requirements
Payments Council members involved in the development of this white paper included: Accenture; American Express; Apriva; Bank of America; Capgemini; Capital One; Connexem Consulting; CPI Card Group; Datacard Group; DeviceFidelity; Discover Financial Services; Gemalto; Giesecke & Devrient; Heartland Payment Systems; Infineon Technologies; INSIDE Secure; JPMorgan Chase; LTK Engineering Services; MasterCard Worldwide; NACHA; NagraID Security; NXP Semiconductors; Oberthur Technologies; Quadagno & Associates; Thales e-Security; WatchData Technologies USA; VeriFone; Visa Inc.; ViVOtech; and Mike Kutsch; Dale Laszig; and Chandra Srivastava.
Source: MarketWire
WIMA NFC USA: Nov. 30 – Dec. 1, 2011, San Francisco, CA USA
WIMA is a global event with a proven track record exclusively dedicated to NFC technology and the name of confidence for hundreds of companies who have attended our event in Monaco over the past 5 years. WIMA brings together industry leaders, start-up companies, application developers, service providers, standards organizations, government bodies and research institutes and by industry demand is now moving forward promoting the outreach, development and implementation of NFC technology to the US market.
Industry experts will present a highly focused cutting edge conference summit. Animated panel discussions will address key issues for both established players and newcomers to the technology from the evolving ecosystem.
The Demo Area – regrouping the latest innovative NFC applications, products and service NFC Technology in a networking environment.
Networking Meeting Planner: make the most of your time and plan your meetings ahead using your personalized Networking Tool & Meeting Planner. Post event the Networking Tool stays open for attendee messaging.
WIMA NFC USA is a great and unique opportunity for current and future potential developers to network with key players and leading companies from the NFC industry.
Who will attend?
- Large Enterprises
- SME’s
- Start-Up’s
- Industry Associations / Standards Organizations
- Government Bodies
- Research & Educational Institutions
- Analysts
- VC’s
- Media
Industry Sectors
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Solution Developers: Payment – Ticketing – Loyalty – Access Control – Healthcare – Gaming – Social Media – Advertising – Web – Multiple Applications
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Product Manufacturers: Mobile Handsets – Consumer Electronics – Smart Card / RFID manufacturer -Terminals and other devices
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Component Manufacturers: Semiconductors- Protocol Stacks / Middleware – Operating Systems
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Service Providers: Carriers – Merchants – Transport Operators – Banking/Financial Services – TSM’s –Tourism – Event Organizers
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Test / Measurement / Qualification: Test Equipment Vendors – Test Labs
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System Integrators
- R&D
More information: WIMA NFC USA 2011
NFC-enabled Point of Sale Ready to Explode, Says Report
Seeking to sell hardware and grow revenue, the major original equipment manufacturers (OEMs)—VeriFone, Ingenico, and Hypercom—have developed and begun to implement business strategies that will drive near-field-communication (NFC) technologies into general availability in the United States, opening the door for a variety of new mobile marketing solutions enabled at the POS.
The current inflexibility of transaction-routing infrastructure ensures that existing authorization infrastructure will be unable to handle the new transaction types created by these marketing solutions. This will force the rapid evolution of a new set of hosted transaction-gateway and terminal-management solutions, with revenue opportunities for gateway providers approaching US$0.35 billion annually by 2015. Payments firms that miss the move will take a hit; merchant acquirers, independent sales organizations (ISOs), gateways, processors, and payment networks must develop a strategy that ensures delivery of flexible and centrally hosted POS environments.
A new report from Aite Group projects the deployment of mobile-capable hardware, software, and transaction-routing capabilities necessary to enable point-of-sale-integrated mobile marketing solutions and mobile payments in the United States. Based on more than 50 Aite Group interviews with industry stakeholders conducted from April through July 2011, the report also details the transformation of today’s point-of-sale (POS) infrastructure into tomorrow’s mobile environment.
“Current trends in the payments industry are driving a more complex point-of-sale infrastructure that will require POS services to be offered as hosted monthly services,” says Rick Oglesby, senior analyst with Aite Group and author of this report. “The POS terminal itself may soon become more similar to a cable TV box, opening a portal to a wealth of services to be accessed at the point of transaction. For payments companies, an opportunity exists to be the cable company itself, aggregating the various services in a gateway model and simplifying the way in which services can be accessed.”
Source: Aite Group
Global Mobile Payment Transactions to Reach $945 Billion in 2015, Says Report
The gross value of global mobile payment transactions will reach $945 billion in 2015, about a 30-fold increase from the comparable figure of $31.5 billion for 2010, according to IE Market Research (IEMR). The surge underscores IEMR’s expectation that mobile payments are positioned to become mainstream between 2012 and 2014. IE Market Research, a Canadian-based provider of market intelligence services, recently released its Q3 2011 report entitled “Global Mobile Payment Market Forecast 2011- 2015.”
“M-commerce and mobile contactless transactions, driven by their allure of convenience, are poised to promote ‘less-cash’ societies all over the world,” said Nizar Assanie, Vice President (Research) at IEMR. “Our usage surveys reflect a trend of mobile payments growing commonplace in the Western world, corroborated by the fact North American and Western European markets are geared up for the beginning stages of a full-fledged adoption of the digital wallet.”
IEMR’s Global Mobile Payment Market Forecast covers annual forecasts of mobile payment users, transactions by technology (NFC, SMS, WAP, USSD), and by type of purchase (merchandise, digital products, ticketing, mobile money transfers, bill payments, and pre-paid top-ups). The report is based on IEMR’s Global Consumer Telecommunications Survey of 50,000 mobile users in 50 markets worldwide. It is the most extensive country-specific forecast of its kind.
IEMR’s latest report illustrates a declining trend in SMS transactions relative to the growing adoption of NFC technology in developed markets, particularly Western Europe and North America. NFC offers the potential “sweet spot” of access to millions of retail point-of-sale terminals, a transaction technology that SMS falls short of.
The report also found that mobile payments are promising in emerging markets because of the dearth of wired infrastructure, which makes purchase transactions with a mobile device convenient.
According to IEMR, there were 1.5 billion NFC transactions globally in 2010. It forecast the comparable figure to jump to 55.3 billion in 2015, a compound annual growth rate of 105.2%.
Source: Business Wire
Google Wallet and Retail NFC Mobile Payments Ignite Buzz, Says ABI Research
Recent developments in contactless payment technology are generating renewed interest, and suggest that the long-delayed dream of comprehensive contactless payment systems may finally be approaching reality. The introduction of Google Wallet and the expectation that several new NFC-enabled smartphones will reach consumer markets soon have created a sense of optimism.
According to ABI Research, in 2010 only about 10% of total POS terminal shipments included some form of contactless technology. While the analyst firm does not agree with some of the wilder media predictions for contactless POS growth – for example that within 12 months, one third of all terminals in the US will accept contactless payments – it does forecast that 85% of terminals shipped worldwide will be contactless-enabled in 2016, driven by increased proliferation of contactless cards and especially, rapid adoption of NFC-enabled cell phones.
Senior analyst Craig Foster comments, “Contactless has the potential to change the way we pay for goods completely, significantly reducing time spent queuing at the point of sale. It also represents an almost perfect fit for the vending industry, because:
- The increased speed and simplicity of check-out go hand-in-hand with the very essence of the vending machine – to provide goods quickly and conveniently;
- The fact that small-value transactions – typically under $25 in the US – do not need to be authenticated by signature or PIN entry is very appealing to vending machine operators.”
M2M practice director Sam Lucero adds, “Contactless technology is also in the very early stages of adoption in ATMs: rather than inserting the card, a customer waves it in front of the machine and enters a PIN.”
Ingenico, VeriFone, and Hypercom are the three leading vendors of POS terminals and command most of the market. VeriFone recently completed the acquisition of Hypercom after satisfying the antitrust concerns of the US Department of Justice. Contactless terminals have formed an increasingly significant part of Ingenico’s portfolio in recent years, accounting for a claimed 21% of the company’s shipments in 2010.
ABI Research’s “Cellular-enabled POS Terminals, ATMs, and Vending Machines” study examines the overall market opportunity for each segment, with a particular focus on value chains, competitive landscapes, market adoption drivers and inhibitors, and technology issues.
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 40+ research and advisory services. Est. 1990.
Source: ABI Research
NXP Lowers Outlook for NFC as Mobile-Payment Growth Slows
NXP Semiconductor NV, Europe’s third-largest chipmaker, lowered its outlook for near-field communication chip shipments in 2011 as mobile-phone operators expand wireless payment systems more slowly than expected. NXP, based in Eindhoven, Netherlands, now sees NFC deliveries at the lower end or “perhaps even slightly below” an initially predicted range of 40 million to 100 million units, Chief Executive Officer Richard Clemmer said on an analyst conference call late yesterday. [Read more…]
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