NFC mobile phone payments ‘will reach $100bn in 2016’

Payments made with mobile phone Near Field Communication (NFC) technology will reach US$100 billion (AU$97 billion) in value during 2016, ABI research predicts.

The organisation suggests that around US$4 billion has been spent using NFC so far, but forecasts an imminent explosion in its use.

NFC capabilities allow smartphone owners to transmit information wirelessly. This can include sending contact information to another user, or making payments in retailers with compatible readers.

Those with high-end handsets can therefore use their gadget as an 'e-wallet', so that in-store transactions are quick and easy.

One of Australia's most popular mobile phones, the Samsung Galaxy S3, incorporates NFC. Users can store debit card information in their virtual Google Wallet and then swipe their device across a terminal to pay for goods or services.

Many Coles supermarkets now have contactless MasterCard PayPass readers which allow some mobile phone owners to buy products worth up to AU$100 using their device.

Posted by Samantha Green

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