NFC Tech Could Generate $50 Billion In The Next Three Years

A new study has revealed that consumers around the world are likely to generate over $50 billion in payments made through NFC (Near Field Communication) mobile payments within the next three years.

The study conducted by Juniper Research forecasts that 2011 and 2012 will prove to be banner years for deploying NFC technology. According to the firm, as the technology is adopted by global industry players, consumers are also likely to use it for various purposes apart from making payments such as for promotional offers, downloading coupons and product information.

The research also claimed that this increased scope for usage will not just bring more convenience for customers, but even the retailers could see a significant growth in their sales.

"Based on our analysis and interviews with key industry players our view is that the next 18 months will see [NFC] launches in up to 20 countries," said David Snow, a senior analyst in Juniper, CNET reports.

"As a result, Juniper is forecasting that North America and Western Europe together will exceed the Far East region in under three years based on transaction value," he added.

NFC allows customers to make payments simply by placing their smartphones near a paypoint.