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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?
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