Five percent of the base of 600-650 million near-field communication (NFC) equipped phones will be used at least once a month to make contactless in-store payments at retail outlets, as per a new
forecast by Deloitte as part of its TMT report. This compared with monthly usage by less than 0.5 percent of the 450-500 million NFC-phone owners as of mid-2014 shows a 1000% growth. Deloitte expects
that 2015 will be an inflection point for the usage of mobile phones for NFC-enabled in-store payment, as it will be the first year in which the multiple prerequisites for mainstream adoption –
satisfying financial institutions, merchants, consumers, technology vendors and carriers – are sufficiently addressed. For financial institutions (card issuers and banks), NFC in-store phone
payments offer continuity and improvement to their business models.
Read the whole story at Let's Talk Payments »
