Wednesday, 02 March 2016 04:24

Apple & Samsung push global NFC mobile payment users toward 150 million Featured

By

A new study has found that the number of consumers making contactless payments via their mobile handsets will reach 148 million this year, with Apple and Samsung together accounting for nearly 70% of new customers.

According to the new rreport from Juniper Research - Contactless Payments: NFC Handsets, Wearables & Payment Cards 2016-2020 - the industry has already received a strong stimulus from the launch of Apple Pay and Samsung Pay in selected key markets.

It cited the case of the recent arrival of Apple Pay in China, where nearly 40 million payment cards were registered to the service in 24 hours in mid-February.

Furthermore, the research argued that with nearly 1 in 5 POS (Point of Sale) terminals in the US now contactless-capable, the infrastructure is in place for that market to experience traction.

It anticipated that NFC smartphones would be the primary initial driver of contactless payments in the US, given the limited number of cards that currently offer the facility.



The research also anticipated that models based on HCE (Host Card Emulation) would be widely deployed by banks and a number of leading OTT (Over The Top) players. It noted that HCE – where credentials and other sensitive data are stored in the cloud – had already been deployed by over 50 financial institutions, including Barclays Bank in the UK.

According to research co-author Dr Windsor Holden, “The combination of HCE and tokenisation is extremely attractive to banks. HCE means that they are not dependent on a mobile operator to enable the service; tokenisation reduces the burden on the issuer and allows them to use their existing infrastructure.”

However, the research was less optimistic about the prospects for solutions based around NFC stickers, arguing that phones using prepaid top-up contactless wallets without a secure element represented a significant security risk.

It pointed out that even where closed-loop solutions were employed, thieves could simply spend the wallet’s balance at participating retail outlets.

The whitepaper, ‘NFC-No Contact Required’, is now available to download from the Juniper website if you’re prepared to register.

LEARN HOW TO REDUCE YOUR RISK OF A CYBER ATTACK

Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has high potential to be exposed to risk.

It only takes one awry email to expose an accounts payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 steps to improve your Business Cyber Security’ you will learn some simple steps you should be taking to prevent devastating malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you will learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips

DOWNLOAD NOW!

ADVERTISE ON ITWIRE NEWS SITE & NEWSLETTER

iTWire can help you promote your company, services, and products.

Get more LEADS & MORE SALES

Advertise on the iTWire News Site / Website

Advertise in the iTWire UPDATE / Newsletter

Promote your message via iTWire Sponsored Content/News

Guest Opinion for Home Page exposure

Contact Andrew on 0412 390 000 or email [email protected]

OR CLICK HERE!

Stan Beer

 

Stan Beer co-founded iTWire in 2005. With 30 plus years of experience working in IT and Australian technology media, Beer has published articles in most of the IT publications that have mattered, including the AFR, The Australian, SMH, The Age, as well as a multitude of trade publications.

VENDOR NEWS & EVENTS

REVIEWS

Recent Comments