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NFC retail payments market to be worth $180bn in 5 years

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Mobile Phones

The NFC retail payments market is expected to be worth more than $180 billion globally by 2017, according to Juniper Research.

The company forecasts that North America, Western Europe and Far East regions will contribute 90% of this market value, as smartphones with NFC payment technology become standard.

Juniper Research welcomed developments in the mobile market in 2011, with NFC-enabled smartphones models announced and Google launching its mobile wallet service in the US.

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However, its claims that retailers are less prepared for NFC, and are not looking to invest in contactless infrastructure so soon after the transition to Chip and PIN.

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