New forecasts from Juniper Research show that around 52 million consumers will adopt new mobile technologies such as NFC (Near Field Communication) and other physical mobile payment methods to pay for everyday goods and services by 2011. This will help drive the physical mobile payments market to $11.5bn by the same year.
Other findings from the report include:
- Mobile payment applications and services are already available in most regions in a variety of formats where they are being adopted in either a trial or commercial mode with favourable user feedback.
- Industry players (including retailers, handset vendors and the financial community) in the Far East and the US are seen as particularly receptive to the idea of using RFID or NFC to facilitate mobile payments for physical goods and services.
- Members of the mobile payments value chain must develop a mutually satisfactory, robust business model, guaranteeing revenue to all parties
Mobile Payments: Strategies & Markets 2007-2011