Mobile Payments NFC Systems to Dominate
Near field communication (NFC) systems on smartphones will be the dominant system of mobile phone payments by 2015, according to analysts Frost & Sullivan.
The group's report, 'NFC - When Will Be the Real Start', predicts that by 2015 NFC payment systems will be built into 53 per cent of global smartphones. The report suggests that traditional areas of conflict between mobile operators and banks have been broken down and the two industries are planning a coordinated push into NFC.
"Different secure elements for NFC methods have allowed different technology players in industries such as telecoms operators and electronic device manufacturers to establish their own payment infrastructure," said Frost & Sullivan global program director Jean-Noël Georges.
"This lack of harmonisation has been an obvious restraint for the NFC industry."
Overall mobile payments using NFC will reach €111bn by 2015 he predicted, with the EU making up over a third of that total. Frost & Sullivan predicts a five-year compound annual growth rate (CAGR) for NFC systems of 118 per cent between 2010 and 2015.
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