NFC payments to reach $50b by 2014, say researchers

A new report from Juniper Research forecasts that payments made globally using NFC (Near Field Communications) transactions will reach close to $50 billion worldwide by 2014.

The research is perhaps unsurprising on the heels of announcements from big names like Visa and Google (and rumours from Apple) of their respective NFC 'digital wallet' initiatives.

Of that US$50 billion (NZ$61b), the report predicts half of all NFC payments will come from North America and Western Europe.

Thanks to "markedly improved" prospects in NFC developments over the last six to 12 months, Juniper sees the sector having "significant potential" through its ability to simplify payments and offer a range of retail opportunities, including location-aware coupons and promotional offers.

However the report also warns that even after recent vendor announcements, much more progress is required to make NFC devices mainstream. .