Juniper Research has released a new report predicting that NFC mobile contactless payment transactions will reach nearly $50 billion worldwide by 2014, with North America and Western Europe accounting for 50% of the market.
The research company sees 2011 and 2012 as “banner years” for the roll out of NFC services, with the recent UK launch of Orange’s Quick Tap mobile payments service leading the way.
According to Juniper, prospects for NFC have improved greatly in the last half year. The company sees “significant potential” for NFC in the lower value payments market, as well as in coupons and promotional offers. Together these elements will help to drive transaction frequency and value, says Juniper.
“Based on our analysis and interviews with key industry players our view is that the next 18 months will see launches in up to 20 countries,” comments Senior Analyst David Snow. “As a result Juniper is forecasting that North America and Western Europe together will exceed the Far East region in under three years based on transaction value.”
Juniper’s new report, NFC Retail Marketing & Mobile Payments, contains six year forecasting for market parameters including users, transactions and values for both NFC ticketing and retail payments. The report also explores the potential of value added retail marketing services through coupons and smart posters.