Mobile contactless transactions to reach 10 bn annually by 2018 -report

Thursday 13 March 2014 07:42 CET | News

The number of contactless transactions via mobile handsets will exceed 9.9 billion globally by 2018, up from just over 3 billion this year, recent findings indicate.

According to the report, Mobile Contactless Payments: NFC, iWallet & Host Card Emulation 2014-2018, released by Juniper Research, using a remote, HCE-based Secure Element (SE) can reduce time-to-market which means that banks can retain control of their customers without needing to partner with mobile network operators.

The report also observed that the recent decision of Visa and MasterCard to endorse HCE should reassure banks who may have been concerned about the relative security of transactions.

Finally, the report noted that Apple is most likely to introduce an iWallet in Q4 2014 which could enable secure contactless payment via BLE (Bluetooth Low Energy) and a second air interface.

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Keywords: Mobile contactless transactions, report, contactless, HCE, SE, MasterCard, Visa, Apple
Categories: Payments & Commerce
Countries: World
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