The number of people using near-field communications (NFC) technology to make transactions is estimated by the likes of Juniper Research to multiply over the next four years.
Yet according to YouGov polling, only a minority of young adults are aware of the existence of NFC payments. Apparently, many who could have paid with Apple Pay on Black Friday didn't.
Concerns still remain around the security of NFC mobile payment services, too, especially should a phone be lost or stolen.
The industry still has a lot to do to put consumers at ease and thereby make new payment methods the norm.
Apple Pay has been welcomed by NFC players as the factor needed to increase both awareness and adoption of NFC among consumers.
And as consumer interest grows, so will the appetite for the technology within various industries, such as automotive, finance and transport. Different sectors will be looking at new ways to integrate their service offerings and deliver them through new NFC capabilities coming to market.
NFC is on the verge of the tipping point needed for mass consumer adoption. So businesses need to ensure the consumer concerns around security are addressed.
Security is obviously important when introducing any payment-related technology. However, secure and efficient technologies are already available that in my view safeguard the integrity of NFC transactions and can ensure safe deployment.
The convenience offered by NFC payments is only one thing, but before consumers are willing to take that final leap, they want to know that their personal credit card and other banking details will be protected.
Howard Berg is senior vice president at Gemalto
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