A new report from Juniper Research forecasts that the near-field communication retail payments market will exceed $180 billion globally by 2017, nearly an eight-fold increase over 2012. North America, Western Europe and Far East and China will contribute 90% of this volume increase as smartphones with NFC payment technology become standard.
The report estimates that more than one in four mobile users in the U.S. and Western Europe will pay in-store using NFC by 2017; about 2% are doing so this year. The report suggests that mobile network operators will be able to offset declining average revenue per unit as they commit to NFC-based payment projects.
The 'NFC Mobile Payments — No Contact Required' whitepaper is available to download from the Juniper website.