Although the mobile contactless-payments market is still in its infancy, NPD In-Stat is projecting that by 2016, the number of payments made with the tap of a mobile device will approach 9.9 billion.
This is nearly a tenfold increase from the estimated 1.1 billion in contactless mobile payments the research firm expects to be transacted in 2012.
“2011 was a significant year in clarifying the future direction of market development,” Amy Cravens, senior analyst, said in a press release. “Based on the vast support for Near Field Communication and the endorsements made by significant players in 2011, it is apparent that this will be the dominant contactless payment solution going forward.”
However, barcode-based payments, such as those supported by Starbucks, also continue to receive a great deal of support, indicating that these types of services will continue to receive attention in the coming years, she said.
In-Stat expects the Asia Pacific region to dominate proximity mobile payments throughout the forecast period and represent 41% of the transactions in 2016.
Over half of the survey respondents are familiar with mobile payments, up from just one-third in 2011. The firm expects remote mobile payments to account for nearly $226 billion in mobile payments in 2012.
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