NFC To Become The Common Payment Method By 2020

The latest research on the future of payments has revealed that by the end of this decade, paying with smartphones will become as commonplace as using cash or credit cards.

The study is a result of a joint effort from the Pew Internet, the American Life Project and Elon University's School of Communications. The report is based on the opinions of over 1,000 technology experts and stakeholders, from the USA.

The respondents had to indicate if NFC technology and its applications in payments would reach the mainstream in the following years. 65 per cent of the experts believe that swiping smartphones, in front of a sensor terminal, to make purchases will become widespread by 2020. More than 10 per cent of the people participating in the survey declared that they already make payments with their phones.

When it comes to full NFC adoption, the experts remained reluctant to announce a forecast. Chris Silva, analyst with Altimeter Group, has pointed out that "NFC is going to play a much more prominent role, a major role in m-commerce", or mobile commerce.

Meanwhile, the vendors and tech giants interested to get a chunk of the new market have already started to deploy NFC technology in their devices.

Source: PewInternet