Thursday, September 1, 2011

The Number of Contactless Cards Is Set To Reach 396 Million by the End Of 2011


September 01, 2011 01:23 PM Eastern Daylight Time 

Digital Money: The Convergence of Contactless Card and Mobile Payments - The Number of Contactless Cards Is Set To Reach 396 Million by the End of 2011

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Digital Money: The Convergence of Contactless Card and Mobile Payments" report to their offering.
An in-depth study of the emergence of digital money as it converges from card based proximity payments to mobile devices

All over the world governments, financial institutions, and merchants are taking measures to reduce the use of cash. Digital money is set to become the norm for low value transactions. At present, this goal is partly being achieved through the use of card-based proximity payment methods. However, to be truly successful digital money needs to evolve beyond a mere payment method into a source of benefit for individuals based around value-added services. This can only be attained through the use of mobile devices.
The number of contactless cards is set to reach 396 million by the end of 2011, equaling just 6% of all cards in circulation, and few of these cards offer value-added services other than links to loyalty schemes. By contrast, there are approximately 5.1 billion mobile users worldwide and this is set to reach 7.1 billion by the end of 2015. The scope to develop applications that enhance people's lives in ways that go beyond payments is significant. ARCchart estimates that the number of users accessing services and buying goods using NFC-enabled devices will total 588 million by 2015.
ARCchart believes that 2011 will be the year when reality hits and industry participants finally acknowledge the challenges that need to be overcome to fully commercialise NFC. Internet companies such as Apple, Google, and Yahoo are best placed to take advantage of this technology. Incumbent players in the telecoms market are at risk of being left out.
Companies Mentioned:
  • American Express
  • Apple
  • AT&T
  • Avea
  • Barclaycard
  • Bouygues Telecom
  • Caff Nero
  • Consult Hyperion
  • Directel
  • Garanti Bank
  • HP
  • Hypercom
  • KDDI
  • Korea Telecom
  • LG
  • London Underground
  • MasterCard
  • Motorola
  • Nokia
  • O2
  • Orange
  • PC World
  • RIM
  • Samsung
  • Sony Ericsson
  • Starbucks
  • Telefonica
  • T-Mobile
  • VIVOtech
  • Vodafone
Posted by at

Disqus for ePayment News