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Now its official

Now its official, NFC is exciting!

Friday, 15 June 2007

Judging by the number of market research reports published in the last month we are now heavily into survey season but one in particular is worth picking out.  Javelin Strategy and Research have conducted a study which seems to back up what we see in the market.  Their basic conclusion is that mobile devices embedded with chips will replace plastic payment cards over the next five years and will be a key driver in introducing electronic payments capability to a larger number of consumers. The availability of contactless mobile phone payment services will spur an additional 30 million customers to use the technology, with adoption expected to reach 50 million by 2012.  This is very much in line with recent industry seminars which seem to regard contactless cards almost as yesterday's technology before they have even been launched in the UK. 

According to the report, mobile payment platforms, consumer in-store cards and electronic payments growth will be dependent on the continued availability of higher-functioning hand sets. These hand sets will also provide further motivation for merchants to accept contactless payments.  Javelin says networks and issuers need to motivate wireless carriers to support mobile proximity payments in order to bring them into the mainstream. In an article below MasterCard found 75% of customers that participated in a NFC mobile phone PayPass pilot programme preferred the contactless technology to traditional contact-based cards and made payments more often.

At a time when we are marking the 40th anniversary of the ATM even the inventor of these machines, Mr Shepherd-Barron believes its use in future will be very different. He predicts that our society will no longer be using cash within a few years. "Money costs money to transport. I am therefore predicting the demise of cash within three to five years… and we will soon be swiping our mobile phones at till points, even for small transactions."  Are the designers of ticketing systems for the Olympics listening?

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Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

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Chris Mason, Director - Commercial Cards EMEA - Citi - UK

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Michael Liquornik, Executive Vice President - Neovia Financial - UK

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