Over 100 million people worldwide will make NFC transactions in 2016, generating a total value of USD 30bn.
The value of transactions made by NFC (Near Field Communication) handsets will rise to USD 45bn next year, climb to USD 160bn in 2020 and to USD 240bn in 2021, according to a report from Strategy Analytics research company.
Competition between mobile wallets from Apple and Samsung, payment card issuers and mobile operators is driving this surge, which is being boosted by the growing use of contactless payments in cities like London and the developing contactless infrastructure across most regions.
The convenience of paying by contactless cards is motivating consumer readiness to adopt mobile payments. However, to drive NFC growth even further, mobile wallets should support coupons and loyalty cards in order to offer incentives to get people on board.