The market for NFC (Near Field Communication) mobile payments in the U.S. is in the nascent stage with an adoption rate of only 1.7%; this represents a huge opportunity for early movers offering the same. Adopting NFC mobile payment will open new revenue channels for banks as well as mobile operators as more than 94% of the U.S. population owns a mobile phone, and 60% of these have a card slot in their mobile phone. With the help of NFC technology, banks will be able to tap micro transactions made by cash, representing around 20% of the total transactions in the U.S. This will also help banks to capture the growing GEN Y population as well as the huge underbanked and unbanked population.
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Mobile Payment – Advanced Technologies (NFC), Strategies & Future of Remote & Proximity Payments market
In 2009, the value of mobile payment transactions in the U.S. was $5.2 billion, constituting 6% of the global value of mobile payment transactions; this is expected to reach $56.7 in 2015, growing at a CAGR of 49.19%. The share of U.S in 2015 will reach approximately 10.6% of the global mobile payment transaction.
- NFC is going to drive the proximity mobile payment market in the U.S.
- High growth in mobile financial services usage and mobile phone users in U.S.
- Collaborative model is the best model in order to implement NFC mobile payments in the U.S.
- Increase in the shipment of NFC enabled mobile phones.
Scope of the report
This section discusses the opportunities for Near Field Communication (NFC) based mobile payments, their market estimate, and market structure. It also discusses winning imperatives, following which a stakeholder can gain a healthy market share in the U.S. mobile payment market and increase its revenues. The section also discusses and analyzes major business models for mobile payments and suggests the best one to increase the adoption of mobile payments in the U.S. It also discusses the value proposition of NFC mobile payments for various stakeholders. This section analyzes the most important driving factors for the mobile proximity payment channel along with its key challenges. It covers the major developments by banks as well as vendors to increase the adoption of NFC mobile payments in the U.S.
Business case studies
Two case studies have been included; the first one discusses strategic measures adopted by The State Bank of La Junta, Colorado to enhance its geographic reach and remain competitive in the small business and retail segment by offering NFC mobile payments.
The second case study discusses measures by VISA, a leading network provider, to increase the adoption of mobile payments, and the impact of those measures on all the stakeholders involved.
The section benchmarks and profiles vendors who are application providers for banks and NFC hardware and MicroSD card manufacturers. It includes a brief introduction, major products offered, and their recent developments.
Analyst Briefing Presentation on Mobile Payment – Advanced Technologies (NFC), Strategies & Future of Remote & Proximity Payments market to be held on 12th Aug 2010
The BFS practice at MarketsandMarkets is pleased to announce its Analyst Briefing Presentation on the Mobile Payment – Advanced Technologies (NFC), Strategies & Future of Remote & Proximity Payments market to be held on 12th Aug 2010. The briefing will cover an analysis of consumer needs, behaviors, and attitudes related to community banks, large banks, and community banking vendors. The briefing on opportunities in community banking – need, behavior, and attitude analysis will benefit community banks, large banks, and community banking vendors.
To register for this briefing, please click here
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