NFC usage gaining traction

by TMG

by: Brian Day

The number of contactless near field communication (NFC) payment users is projected to total 516 million by 2019, up from 101 million in 2014.

According to Juniper Research’s “NFC Mobile Payments: Apple Pay, Host Card Emulation & SIM Based Opportunities & Forecasts 2014-2019,” the convenience of contactless payments will continue to attract new users, resulting in a fivefold increase over the next four years.

Juniper forecasts the introduction of new contactless payment solutions, such as Apple Pay, will further drive acceptance among consumers.

Similarly, the research firm points out the important role financial institutions (FIs) are playing in the adoption of contactless payments. Specifically, Juniper discusses the impact FIs investing in NFC technology with host card emulation (HCE) will have on the contactless infrastructure.

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