NFC mobile payments to exceed $US180 billion in 2017

Near field communications (NFC) mobile payments will exceed US$180 billion worldwide in 2017

Near field communications (NFC) mobile payments will exceed US$180 billion worldwide in 2017, according to a May 2012 report by Juniper Research.

Visa recognises this increase in popularity of NFC mobile payments and is committed to enable more consumers to make payments from their phones to a contactless terminal securely and efficiently.

Mobile technologies are set to become more advanced and this will drive significant growth in the number of payments made with a near field communications-enabled mobile phone.

Payment networks, banks, merchants, mobile device manufacturers and mobile network operators are increasingly adopting NFC technology and analysts anticipate smartphone shipments to grow by over 38.6 percent year-on-year in 2012.

"NFC technology is transforming mobile phones into payment devices that will change the way people live, work and play," said Niki Manby, head of emerging products, Asia Pacific, Central Europe, Middle East and Africa, Visa. "NFC payments have enormous potential and we are committed to providing the convenience of this technology in a secure manner to our customers."

Establishing global standards

Visa has established global standards for mobile payments and ensured that these standards are aligned with existing technology and security standards for chip payment cards.

The company notes that many NFC-enabled smartphones from companies such as Samsung Electronics and LG Electronics are certified for use with payWave, Visa's mobile application for payments at the point-of-sale.

This certification, says Visa, will help mobile device manufacturers, mobile operators and retailers to partner with financial institutions to offer Visa mobile payment functionality to consumers globally.

Visa's payWave acceptance technology uses industry standards that are compatible with existing contactless (NFC) payments terminals already installed at global retail outlets.

"Visa is commercially ready to support mobile operators and financial institutions with the roll-out of NFC-based payment," said Manby. "We have moved the technology from pilots into actual commercial readiness and are optimistic that consumers will make payments on-the-go with just a wave of their mobile phones this year."

Join the PC World newsletter!

Error: Please check your email address.

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Anuradha Shukla

PC World
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?