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$30 Billion Projection for NFC


Consumers are expected to spend at least $30 billion in 2012 using mobile devices equipped with use near-field communication technology, up from a projected $8 billion this year, according to a report issued last week by Juniper Research.

Juniper, of London, predicts that NFC-enabled devices will be widely available later this year and that they will be widely used for transactions in 2011.

NFC-capable phones can hold consumers' payment card data and are used for contactless payments; they have been tested by several major banks and card networks.

Smart posters with NFC chips that enable people to download coupons, tickets and marketing information to phones will help to drive the popularity of NFC transactions, according to Howard Wilcox, a senior analyst at Juniper.

Owners of smart phones are already taking to mobile couponing. The use of coupons and marketing through NFC chips and posters will "change the face of shopping for quite a lot of people," Wilcox said.


Top 10 Tech Companies to Watch
To identify the fintech startups deserving of special recognition this year, a team of American Banker editors, BAI staff and consultant Jeanne Capachin debated the merits of self-nominees and companies we know. These are the ten that matter for 2015.

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