DALLAS — Within the next few years, near field communication (NFC) will become a standard feature on smartphones, as consumers show more interest in the "mobile wallet" to make payments, according to a new report.
The report, "Mobile Payment: Technologies and Business Models," by Dallas-based research firm Parks Associates shows that 50-percent of smartphone owners in the United States find the NFC-enabled mobile wallet appealing.
One reason for the interest in NFC-enabled phones is the convenience factor, according to Harry Wang, director, mobile research, Parks Associates.
"The convenience of e-Wallet solutions eliminates the need to carry multiple or any credit cards," he says. "It's driving the consumer interest."
Report findings also validate the statement, as 16-percent of smartphone owners use PayPal or other types of e-Wallet solutions as their preferred method of mobile payments. Additionally, one in four Millennials (employees born between 1980 and 2000) use their mobile phones to research products or services prior to making a purchase regularly.
These factors will create a commerce opportunity on smartphones of more than $800 billion in 2015, according to the report. It will also boost business for merchants, retailers, financial institutions and mobile carriers. As it stands, Amazon.com and eBay reported robust mobile eCommerce growth in 2011. Meanwhile, Siemens recently announced its new walletXpress mobile payment platform.
"We are witnessing a groundswell of activities in the mobile payment industry," Wang says. "Visa is engaged with payment solution providers, and Google recently launched its Wallet app, which integrates with its Offers service. Isis, a joint venture between AT&T, T-Mobile and Verizon, expanded its business model to include more payment partners. Each deal signals serious interest from all parties to build scale and technology advantage over competing solutions."
For more information, click here.
Other Recent News
May 21, 2012
The Hard Rock Hotel and Casino Albuquerque has selected Surveillance Systems Integration (SSI) to migrate the hotel’s analog security system to IP video.
May 16, 2012
SafeMart Home Security, based here, will extend its service capabilities with the addition of Verizon Wireless as a network service provider for its wireless home security systems.
May 11, 2012
The Security Industry Association (SIA) has tapped New York Times best-selling author Brad Thor to serve as keynote speaker during its 2012 Government Summit, scheduled for June 19-20 in Washington.
May 11, 2012
In an effort to enhance communication with customers, partners, prospects and industry experts, Datacard Group, a secure ID and card personalization solutions provider, has launched a new corporate blog.
May 8, 2012
Welcome back to SECURITY SALES & INTEGRATION's "Security Speaking" podcast! Here, Editor-in-Chief Scott Goldfine talks to Deborah Hansen, false alarm reduction coordinator for the city of Naperville (Ill.) Police Department at the False Alarm Reduction Association (FARA) Symposium in Albuquerque, N.M.