Apple iPhone mobile payments are coming in 2014

Apple is ready to launch a mobile payment platform this year that allows users to make payments using an iPhone and give a significant boost to the fledgling market.

Related: Android phone beats Apple to fingerprint enabled payments

UK research firm Ovum made the observation that Apple will launch a payment solution as part of its forthcoming 2014 Trends to Watch report, which also speculates revenue growth for mobile payments will be slow and steady for the 12 months.

“Over the last few years Apple has been putting in place the pieces that in 2014 will see it finally launch a fully-fledged, unified mobile payments platform. This will have a positive impact on consumer uptake and use of m-payments, but may have a negative impact on other players hoping to gain market dominance in the space,” stated a press release from Ovum that accompanies a report into mobile payments trends in 2014.

Rumours of Apple adding mobile payments to its devices have been floating for some time and when it added a fingerprint sensor to the new iPhone, much of the chatter concerned whether it would allow mobile payments to be verified or not.

Apple’s competitors won’t be beaten to the punch though and Ovum mentions Amazon in particular as having “big ambitions for mobile” that include its reported acquisition of GoPago’s mPOS technology, which all means a strong 2014 for the firm when it comes to mobile payments.

Elsewhere in the mobile payments market, Ovum scaled back its expectations on near field communication [NFC] by stating that it won’t take off 2014 or 2015 due to the fact that “a growing number of alternative enabling technologies are readily available, and at lower cost to merchants and consumers.”

It’s not all bad news for NFC with hosted card emulation [HCE] one area that could help open the NFC market up to increased innovation and competition, just so long as security concerns are addressed and card schemes back HCE.

Related: How mobile technology is shaking up the payments industry

Tablet-based mobile commerce is an area that is expected to see high growth during 2014 with much of this down to the large number of consumers that own tablets and the increased opportunities in terms of advertising.