Mobile Phones Equipped with near field communications (NFC) will generate around £38 billion in payment transactions within five years, according to research from Juniper Research.
A new analysis of the NFC mobile payments opportunity forecasts that the gross transaction value of payments made via NFC contactless technology, for relatively low value purchases, such as refreshments, tickets and food, will exceed grow five-fold from 2011 to 2013.
The report states that 2009 will see limited numbers of NFC devices shipped, except in the Far East and China region, but the market will begin to ramp up from 2010 onwards and by 2013, 20%, or one in five phones shipped, will possess NFC capability.