NFC Mobile Payment Transaction spend to top $191billion by 2017, but we await the singularity
ABI Research forecasts that the total value spend of NFC mobile payments will rise from $4 billion in 2012 to $191 billion in 2017, breaking the $100 billion mark in 2016.
According the ABI the “singularity” moment for mobile payments – the point at which proximity, p2p and online payments will converge in a single nfc-enabled device will be the trigger which causes market convergence to roll out across transport ticketing, loyalty, retail, access control.
Research analyst Phil Sealy says, “Market convergence is at least two years away from reality. At ABI Research, we believe transportation and ticketing will be the first market to benefit from convergence, with 26% of all NFC handsets forecast to house a contactless ticketing application in 2017. Transport authorities will have the ability to offer additional added value services, including route planners, delay bulletins, time tables, as well as retail and loyalty, or advertising applications offering own brand or partnering/local business a platform to offer additional solutions to generate new revenue streams.”
You can download ABI’s “Mobile Payments, NFC, and Contactless Convergence” can be purchased from ABI here