2011 Contactless Near Field Communication (NFC) Mobile Payments: Framing Mobile Payments on the Foundation of Mobile Banking
Javelin Strategy & Research, April 2011, Pages: 31
Mobile payments have been the source of much excitement for over half a decade, with the latest focus being on near field communication (NFC) payments, which uses short-range wireless technologies to allow a consumer to tap or wave a supporting mobile phone to complete an in-store payment. Late 2010 experienced of a flurry of NFC-related mobile payments announcements, detailing pilot initiatives from numerous financial institutions (FIs), payment networks, mobile phone carriers, technology giants, and third-party developers.
Despite this activity, mobile contactless/NFC is a payment option that is battling limited availability of contactless-ready merchant terminals and mobile technology, as well as low consumer demand. In order to ensure the greatest opportunity for success, FIs should integrate NFC mobile payments with their existing mobile banking platform. Javelin data shows that mobile bankers are the prime financial demographic to jumpstart mobile payments, and FIs should promote the service accordingly.
Primary Questions
- What is the current state of the contactless payment market, and how has it changed from recent years?
- What are the key drivers preventing consumer adoption of contactless payments?
- How should FIs integrate mobile contactless pilots within their existing financial infrastructure, and who should the target demographic be?
- What are some of the current NFC programs in market today?
- What is the demographic makeup of today's contactless payment population, and how can that information be utilized to boost mobile NFC adoption?
- How can FIs establish the value proposition of NFC among merchants, in an effort to increase merchant acceptance of the service?
Overview
Primary Questions
Methodology
Executive Summary
The State of U.S. Contactless and Mobile Commerce
The Consumer Roadmap to Mobile Payments
Mobile Banking as the Springboard for Mobile Contactless Payments
Demographic Trends - Who Are the Likely Mobile Contactless Users of Today?
Mobile Contactless Payments: The Proverbial Chicken and the Egg Dilemma
Appendix
Related Research
Companies Mentioned
Table of Figures
Figure 1: Mobile Payments Ecosystem
Figure 2: Percent of Consumers Who Indicate That They Are Open to Using a Contactless-Enabled Card or Device, 2007-2010
Figure 3: Key Drivers Preventing Contactless Adoption, by All Consumers
Figure 4: Consumer Adoption Roadmap to Mobile Payments
Figure 5: Likelihood of Storing Credit or Debit Card Information on Mobile Phone to Complete a Mobile Payment, by Mobile Bankers and All Consumers
Figure 6: Factors That Drive Contactless Use, by Mobile Bankers and All Likely or Current Contactless Users
Figure 7: Last Time Made Purchase Using Mobile Device, by Mobile Bankers and All Mobile Phone Owners
Figure 8: Frequency of Mobile Purchasing in the Past Month, by Mobile Bankers and All Mobile Phone Owners
Figure 9: Average Mobile Purchase Amount, by Mobile Bankers and All Mobile Phone Owners
Figure 10: Desirability of Mobile Phone Functionality, by Frequent Mobile Bankers, Mobile Bankers (Past 90 Days), and All Mobile Phone Users
Figure 11: Likelihood of Using Mobile Contactless, by Gender, Generation, and All Consumers
Figure 12: Likelihood of Using Mobile Contactless, by Ethnicity and All Consumers
Figure 13: Likelihood of Using Mobile Contactless, by Smartphone Owners, Standard Mobile Phone Owners, and All Consumers
Figure 14: Likelihood of Responding to Mobile Marketing Coupons or Promotions, by All Mobile Contactless Users and All Mobile Phone Owners
Figure 15: Percent of Consumers Who Have Used Particular Contactless Payment Devices, 2009-2010
Figure 16: Likelihood of Using a Contactless-Enabled Card or Device, by Mobile Bankers and All Consumers
Figure 17: Average Times Per Month Consumers Use a Particular Payment Option Per Month for In-Store Purchases
Figure 18: Likelihood of Using Mobile Contactless, by Income and All Consumers
Figure 19: Likelihood of Using Mobile Contactless, by iPhone Owners, BlackBerry Owners, and Android Owners
- AT&T
- Isis
- Bank of America
- LivingSocial
- Bling Nation
- MasterCard
- Cardlytics
- M-Com
- CashEdge
- mFoundry
- Citibank
- PayPal
- ClairMail
- RIM
- DeviceFidelity
- Samsung
- Discover
- T-Mobile
- Edo Interactive
- Verizon
- Fiserv
- VeriFone
- Google
- Visa
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