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NFC Retail Payments Forecasted to Reach $180 Billion Globally by 2017

In a recent report from Juniper Research it was predicted that the total global mobile payment volume will reach $1.3 trillion by 2017 with at least $180 billion of this coming from Near Field Communication (NFC) retail payments.

The mobile commerce space is expecting tremendous growth over the next five years but today this is dominated by mobile payments in the online channel, P2P transfers and mobile banking with relatively little volume from NFC or other mobile point-of-sale transactions. According to a recent report from Juniper Research the total m-payment volume will reach $1.3 trillion within five years, and by then NFC retail payments will be a more significant portion reaching $180 billion globally. NFC mobile payments may be on the brink of rapid growth as more mobile wallets and mobile committees continue to form. The forecasted $180 billion in NFC retail payments by 2017 is seven times greater than the expected global NFC retail payment volume for 2012.

The leading regions in terms of NFC mobile payment growth are North America, Western Europe and Far East Asia & China. Juniper predicts these three regions will make up 90 percent of the mobile NFC retail payment market and that one in four mobile users in Western Europe and the United States will be paying with NFC at the point-of-sale. While mobile NFC mobile payments are predicted to take off in the next five years they would still make up less than 14 percent of the total m-payment market in 2017 according to Juniper Research’s estimates. Additionally, Juniper predicts that even in 2017 sales of physical goods via mobile devices will account for only 4 percent of global retail transactions.

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