subject: New Report Mobile Payment – Advanced Technologies (NFC), Strategies & Future of Remote & Proximity Payments By MarketsandMarkets [print this page] 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.
In 2009, the value ofmobile paymenttransactions 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.
The major drivers are increasing merchant efficiency and customer convenience, and reducing operational and infrastructural costs for banks. Adopting NFCmobile paymentswill be a good green initiative as the number of paper based transactions will reduce. Increase in the production of NFC enabled mobile phones and the number of mobile phone users in the U.S. will lead to an increase in the adoption of mobile payments in the U.S.
Scope of the report
Strategy formulation
This section discusses the opportunities for Near Field Communication (NFC) based mobile payments, their market estimates, 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.
Vendor analysis
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.
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Key questions answered
Which model is going to drive the adoption of NFC mobile payments in U.S.?
What is the current and potential market for NFC based proximity mobile payments in U.S.?
What are the drivers and restraints faced by NFC mobile payment market in U.S.?
What are the strategies followed by vendors as well as banks to increase the adoption of NFC based mobile payments in U.S.?
Powerful Research and analysis
The analysts working with MarketsandMarkets come from renowned publishers and market research firms globally, adding their expertise and domain understanding. We get the facts from over 22,000 news and information sources, a huge database of key industry participants and draw on our relationships with more than 900 market research companies.
