Digital payments--mobile, online and contactless--are forecast to almost double in transaction value by 2019, according to the latest data from Juniper Research.
The increasing demand for wireless connectivity is fueling shipments of wireless chipsets, which ABI Research forecasts will reach nine billion units in 2019.
Check out the hottest mobile IT news for May 20, including the NFC predictions about the latest iPhone, the future of the M2M industry, the pervasion of the Internet of Things, How mobility has changed all aspects of retail and why Hong Kong is one of the most mobile places on Earth.
In another blow to adoption of near-field communications for mobile payments, Best Buy and 7-Eleven are shutting down NFC capabilities at their retail stores, according to a report by Mobile Commerce Daily.
A number of emerging technologies are vying to revolutionize the payments industry by providing a seamless mobile experience at the point of sale. Much has been made of the Bluetooth vs. near-field communications, or NFC, faceoff, but there appears to be another rising challenger: biometrics.
Visa and MasterCard are backing host card emulation technology that will enable the credit card companies to offer cloud-based mobile payments, in effect bypassing hardware-based mobile payment initiative backed by mobile operators.
Check out the hottest mobile IT stories for Feb. 18, including the ongoing dominance of QR codes in mobile ticketing, the inclusion of a scheduler app in eHarmony's repertoire, Ericsson and Kodiak Networks' expansion to Europe, the rise of machine-to-machine connections and Android's lockdown on the smartwatch market.
Apple last year launched iBeacon, an indoor position system that provides the location of iOS device users and enables push notifications to be sent to the device. iBeacon, which employs Bluetooth low energy wireless technology, could also enable mobile payments at the point of sale, making it a competitor to near field communications technology.
If it lives up to the hype, near-field communication could be a boon to the financial services industry, which could benefit immensely from mobile payments adoption. Richard Char, the global head of digital networks and merchant services at Citi, told attendees at a recent conference that a coming shift in card technology will pave the way for NFC adoption.
Near-field communication aims to revolutionize mobile commerce, but just how close the technology is to becoming a widely-adopted reality is unclear. A new paper confirms some of the fears that have many businesses shying away from the technology.