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.
Mobile Payment Strategies Report: Opportunities & Markets 2011-2015
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 $670bn by 2015, up from $240bn this year. These forecasts represent the gross merchandise value of all purchases or the value of money being transferred.
The new Mobile Payment Strategies report revealed that all segments will exhibit 2x to 3x growth over the next five years. This growth will be driven by the rapid adoption of mobile ticketing, NFC contactless payments, physical goods purchases and money transfers as people in both developed and developing countries use their devices for everyday transactions. [Read more…]
NXP’s NFC Solution Selected for Sony Ericsson’s Android Smartphones
NXP Semiconductors N.V. announced today that its near field communication (NFC) technology has been selected by Sony Ericsson for inclusion in its Android-based smartphones. Sony Ericsson, a leading, global mobile handset manufacturer focused on communications and entertainment, will use NFC to further enhance its consumers’ mobile experiences, creating a portfolio of smartphones that enable mobile transactions.
NXP provides complete embedded, secure NFC solutions and recently announced that its NFC software is open source on the Android platform and enables the Google Wallet application. Sony Ericsson intends to use the NXP PN65 NFC solution in their Android-based smartphones, which includes the NFC radio controller, the embedded secure element and NFC software. The embedded secure element enables NFC to be used for mobile transactions. Building on NXP’s extensive background in secure identification, the PN65 uses advanced cryptography to offer the highest level of security for transactions, with the technology already being extensively used in contactless banking cards, e-passports, e-ID cards and secure access systems.
“Building on Sony Ericsson’s leadership in Android and mobile gaming, the integration of near field communication into our Android-based Xperia™ portfolio is another step in delivering the most entertaining smartphones,” said Jan Uddenfeldt, Chief Technology Officer at Sony Ericsson. “NFC offers our consumers the ability to broaden their communication experience beyond the phone, and we are poised to drive the development of new, exciting and creative entertainment experiences.”
“This latest move from Sony Ericsson is another proof point of the strong momentum and potential of NFC,” said Rick Clemmer, president and CEO, NXP Semiconductors. “Based on continued strong customer endorsements we have the opportunity to increase the sales of our NFC products 2-4 times as a percentage of total NXP revenue in the second half of 2011 from the approximately one percent it represents today. NFC offers a game-changing opportunity for mobile phone manufacturers to provide creative and innovative smartphones to their customers.”
Source: NXP Semiconductor
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