Wednesday, March 16, 2011
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Google is trying to beat Apple to the punch when it comes to making Near Field Communication technology popular in the U.S. Google is about to begin testing mobile NFC payments and plans to do so by installing "thousands" of VeriFone NFC readers at merchants in New York and San Francisco.
Recent reports have projected mobile payments would grow to a $680 billion market by 2016. Juniper Research has valued the mobile payment market at $170 billion in 2010 and projected it to grow to $630 billion by 2014.
Forrester reports that less than 6 percent of American adults have ever used mobile payment. Americans seem stuck on paper money and credit or debit cards — behind both high-tech first world countries and the developing world in using phones as a wallet.
Apple has told several UK mobile operators that NFC will not be part of the next iPhone, because Apple is concerned about the lack of an industry-wide standard.
U.S. Bank customers can rely on their mobile device now more than ever to move and manage their money. With the launch of a new series of mobile banking enhancements, customers can now use their mobile device to deposit checks and monitor credit card activity.
According to NearFieldCommunicationsWorld.com, VeriFone announced it will include near field communication technology in all its new point-of-sale terminals.
PaymentOne Corp., a global leader in mobile payments and carrier billing, has announced that its AnyPhone carrier-based billing service is now available in 67 countries around the world.
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Google plans to acquire up to 50 companies over the next year in an aggressive bid to expand in mobile and other technologies, even as other tech giants maneuver to snap up promising start-ups. The company is aggressively developing mobile payments systems, which it sees as a "mega-scale" opportunity, according to former chief executive Eric Schmidt.
Select customers of Bank of America with BlackBerry devices are now being invited to trial a new digital wallet-mobile payment program powered by Near Field Communication chips.
Credit card companies are developing a range of cards that can talk to their owners.
They will also be able to display your balance, while also doubling as a reward card.
MasterCard has announced that it was set to push mobile wireless payments using a MasterCard account and an NFC payment solution called iCarte for the iPhone.
eBay has invested $22.5 million in Magento in return for a 49 percent stake in the four year old company. Together with PayPal they have been working on an integrated mobile payment platform.
All signs are pointing towards Near Field Communications being the next big thing in mobile phones. The technology has received a new push, with Visa partnering with ANZ to launch a four week trial of NFC phone payments using a special iPhone case and application.
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You can follow me on Twitter @krbenedict and read my blog, Enterprise Mobility Strategies.
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Kevin Benedict, Independent Mobile and M2M Industry Analyst, SAP Mentor Volunteer
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Full Disclosure: I am an independent mobility analyst, consultant and blogger. I work with and have worked with many of the companies mentioned in my articles.