3/12/2014 2:37:50 PM
Contactless mobile payments to triple by 2018
Mobile contactless transactions will triple in four years with the expected launch of Apple’s iWallet and Host Card Emulation contributing to the surge.
Juniper Research’s report Mobile Contactless Payments: NFC, iWallet and Host Card Emulation forecasts the number of mobile contactless transactions leaping to 9.9 billion globally from 3 billion this year.
Apple’s iWallet is expected to come to market in Q4 this year enabling contactless payment through Bluetooth Low Energy. Juniper predicts that the recognisable and popular brand would ‘increase consumer awareness’ of contactless payments.
Additionally, the research firm also put forward the theory that HCE-based (Host Card Emulation) contactless payments would reduce time to market as banks ‘can retain control of the customers without needing to partner with mobile network operators’.
Author of the report, Dr Windsor Holden, said: ‘With the emergence of HCE, the operator role at the heart of the NFC value chain is no longer sacrosanct. Banks can now go it alone and as a result the scale of the operator opportunity is significantly diminished.’