NFC-powered mobile payments are gaining traction in North America, Germany and Turkey. The interest in the technology has been steadily growing and consumers are eagerly anticipating the coming payment platforms coming from a number of tech and banking companies. A new study released by Juniper Research, a market and technology research firm, suggests that the overall value of NFC transactions will be at $670 billion by 2015.
While the study paints a favorable outlook for mobile commerce in the coming years, the results pale in comparison with a report from the Yankee Group, a research and information technology analysis firm, that NFC transactions will breach the $1 trillion mark by 2015.
According to Juniper, Asia, Western Europe and North America will account for the vast majority of the world’s mobile transaction market. Several countries within these regions have been quick to adopt NFC services to accommodate the growing demand for mobile commerce. Banks are being tapped to provide systems that will allow for quick and easy access to financial data, both through NFC terminals and mobile banking platforms available for smart phones.
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Several large companies, such as Google, AT&T and Visa, are busy developing what they call mobile wallets. These products will function as storage and transaction programs for NFC-enabled smart phones. Juniper notes that the overall success of mobile commerce depends largely upon these companies getting their product right. Small glitches in the software can jeopardize the acceptance of mobile payments.