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Global Mobile NFC Payments to Exceed $130 Billion by 2020
Strategy Analytics predicts that global payments made via NFC enabled phones will exceed $130 Billion by 2020, largely as a consequence of the launch of Apple Pay, a strong supply-side push to drive NFC enabled terminals by payment networks, and growing evidence of consumer enthusiasm towards mobile payments. The combination of these factors will lead to just over 254 million mobile users making 5 payments per month for an average of $8.8 per transaction, as the momentum for NFC payment starts to build during the second half of this decade. Asia Pacific will continue to account for the largest share of total spend via NFC-enabled handsets (43%) followed by North America (31%) and Western Europe (21%). Despite Strategy Analytics' positive growth outlook for NFC-based mobile payments it will only represent a single digit share of the global multi-Trillion dollar retail sector by 2020.