A recently released Juniper Research Study revealed that that by 2017, near field communications payments would become the dominant merchant services method.
The group’s study also found that revenue from the smartphone-based technology would surpass $180 billion in the next five years in terms of annual earnings. The significant growth would represent a seven-fold increase from the market in 2012.
Those who helped conduct the research said that credit card terminals would need to be built to meet the demand of the new technology.
“This is a critical time for the NFC retail payments market,” writes report co-author Dr. Windsor Holden. “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. Our report analyses the various consortia models being formed today and which types are expected to endure.”
Another study by Juniper revealed that by 2017, 25 percent of smartphone owners will make a purchase using the mobile device.Back To Blog