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 newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Anuradha Shukla

PC World
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?