Near Field Communication (NFC) technology has been around for a number of years now, but its market penetration has been extremely limited to a crowd of early adopters and held back by apparent fear in the marketplace about just how secure the technology is. Products like Apple Pay and Android Pay have certainly helped ramp up the adoption speed, but we’re still a ways off from being able to leave our wallets at home.
A new report from Strategy Analytics paints a slightly clearer picture of just how widespread the use of the technology is and when companies and consumers can expect NFC-based payments to really pick up. The short answer: we’re getting there.
Total handset-based NFC payments are expected to break the $100 million mark in 2016, and according to the report, Strategy Analytics expects that mobile payments made by NFC-enabled handsets will more than double to around $240 million in the next five years.