Even as near-field communication continues to struggle as far as adoption is concerned, more and more people are using their smartphones to pay for their purchases.
NFC has been coming out in an increasing number of devices during the past year, but there are still snags in the way. For one, there are just too many mobile wallet services that are reliant on NFC, and these services are not exactly in tune with one another. In fact, competing mobile wallet services have been using different standards and different systems. Just take a look at what Google Wallet and ISIS has done.
There are just too many players that both merchants and consumers are holding out, just waiting to see who will emerge victorious, before they put their money on a single system.
On top of that mobile payments is also saddled by the fact that it still needs to prove that it can provide a better or more convenient way to pay than cash and credit cards.
Even so, eMarketer reports that mobile payments may breach the $1 billion mark this year, almost doubling the $540 million in sales recorded in 2012. What’s more, eMarketer predicts that in 2017, mobile payment transactions will reach more than $58.4 billion.
The mobile payments market might be growing slower than what is expected, but it is making strides. In 2011, there were only 2.7 million people using some form of mobile payment platform. eMarketer predicts that 10.9 million people will be paying with their mobile phones in 2013 and this will continue to rise to 54.1 million people in 2017.
Take note, however, that adoption and fragmentation issues are not unique to the near-field communication platform. Other platforms are having problems as well.
Nevertheless, the eMarketer predictions are congruent with what other research firms are saying: mobile payments are here to stay and will pick up its pace. Gartner in June 2013 predicted that mobile payments would contribute $721 billion in sales in 2017. The Yankee Group has a more conservative forecast at $531.2 million. While Juniper Research predicts that by 2017, mobile payments will bring it as much as $1.3 trillion in sales!
More articles in this topic
Want to do something fun, exciting, meaningful and will go down in the history books in the next couple of days. Or perhaps, you are just as easily excited about QR Codes as we are. Either way, here is your chance to join a bunch of enthusiastic youth in making the world’s largest QR Code […]Read more
Hot Springs in Arkansas is bringing together history and sports in its latest tourism initiatives. Hot Springs has 26 sites that make up its famed Baseball Trail. These sites are marked by a special marker that commemorates why a certain place is special to the town and baseball. For example, one of the sites talk […]Read more
If for anything, Bitcoin is an interesting piece of currency. The virtual currency is now increasingly being used in real life. Some employees now accept Bitcoins as salary. Online shops and even brick and mortar retailers also see Bitcoins as legal tender that you can pay with. There are groups of ardent Bitcoin supporters as […]Read more
- QR Codes Trace the Origins of the Fish You Eat
- Irina Blok Drew the Famous Android Logo and Other Android News
- Budweiser Uses QR Codes to Help New Friends Connect on Facebook
- Android Financial Tools
- Young Singaporean Entrepreneurs Explore Toting QR Codes
- Check-In Intimate Encounters Using QR Coded Condoms
- New QR Code Campaigns
- HTML 5 Mobile Apps vs. Native Mobile Apps: The Case for HTML5
- What Is QR Code To The Newbie?
- Mini’s QR Code Campaign
Google Android news and discussion.
Deliver latest top technology stories and breaking IT news
Near Field Communication (NFC) news, ideas, projects and technologies.
QR Code, Datamatrix and other two dimensional barcode news and analysis.
Tips, advices, how-to's and DIYs for the latest technologies.