A new study from Juniper Research forecasts that NFC will drive mobile transactions to $74 billion by 2015 – a threefold increase from 2011.
In the “Mobile Commerce Markets” report, Juniper attributes this growth to the increasing use of NFC for in-store payments and transport ticketing applications, two of the fastest growing segments of the mobile commerce market, according to Juniper.
In addition to NFC, Juniper’s report finds that all mobile commerce segments, e.g. money transfers, banking, payments and coupons, will exhibit significant growth rates, with mobile coupons leading the pack.
To ensure continued growth, Juniper recommends interoperability amongst mobile money transfer services, and cites SMS as the “key” to widespread mobile banking service adoption.
“Our report demonstrates the spectacular growth we see across all segments of the mobile commerce market,” said report author David Snow. “Four of these segments – money transfer, physical goods, NFC and coupons – will more than [triple] in transaction value over the next three years, whilst digital goods, banking and tickets will still on average, double over the same period.”
Snow goes on to caution mobile commerce providers to pay close attention to security, stating that even a “perceived,” if not actual, security risk in the mind of users may be set back the whole mobile commerce market until trust is regained.
Click here to access the report.