NFC retail payments market to be worth $180bn in 5 years

The NFC retail payments market is expected to be worth more than $180 billion globally by 2017, according to Juniper Research.

The company forecasts that North America, Western Europe and Far East regions will contribute 90% of this market value, as smartphones with NFC payment technology become standard.

Juniper Research welcomed developments in the mobile market in 2011, with NFC-enabled smartphones models announced and Google launching its mobile wallet service in the US.

However, its claims that retailers are less prepared for NFC, and are not looking to invest in contactless infrastructure so soon after the transition to Chip and PIN.

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