Dive Brief:
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Some $130 billion in global consumer spending will occur with Near Field Communications (NFC)-enabled mobile payments by 2020, according to a study by e-commerce research and consulting firm Strategy Analytics.
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That will largely be due to three things: the launch of Apple Pay, the increased use of NFC-enabled POS, and consumer willingness to use mobile phones to pay, the company found.
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The momentum to use mobile phones and NFC will build in the second half of the decade but will depend on retailers improving their NFC-enabled payments systems with added convenience and features like loyalty points.
Dive Insight:
Retailers haven’t widely embraced NFC payments, and some even turned the capability off in order to avoid using Apple Pay. Those were largely the retailers beholden to the group that has developed a non-NFC mobile payments system it's calling CurrentC, which has yet to launch and has already suffered a hack.
Look for more research showing that Apple Pay is having a big impact in pushing along mobile payments in general, and NFC payments in particular.
