Tag: nfc technology

Report provides insight into the future of mobile commerce for the US

Juniper Research, a leading market research firm, has released a new report that predicts the growth of mobile sales in the U.S. Mobile commerce has been growing more popular throughout the country as more consumers become comfortable with the concept of using their smartphones and tablets to pay for products. Consumers are already transitioning well toward using their mobile devices to shop online, but using these devices to purchase products from physical stores is gaining more momentum.

Mobile sales to reach $3.2 trillion by 2017

According to the report, called “Mobile Commerce Markets: Sector-by-Sector Trend Analysis & Forecasts 2013-2017,” consumers are taking up mobile commerce at a rapid pace. The report predicts that mobile sales are well on their way to surpassing $3.2 trillion by 2017, an increase over the $1.5 trillion that is forecast for this year. The report also notes that retailers that have not yet embraced mobile commerce are in the minority.

NFC technology may be on its way out

Many retailers are putting focus on NFC-based mobile commerce systems in order to meet the needs of consumers. While this has been relatively successful for some due to the fact that NFC technology is a staple of mobile commerce, the time may be coming when this technology is more of a hindrance than a benefit. NFC-enabled devices are still rare in the U.S. market, making NFC-based mobile commerce somewhat exclusive. Moreover, Apple devices do not support NFC technology in any inherent way, which has lead many retailers to seek out alternatives to NFC technology.

Mobile payments are growing around the world

The report expects that mobile commerce will continue to grow in the U.S. and that this growth will largely be powered by consumers and their interests in mobile technology. The U.S. is not the only place mobile commerce is finding traction, of course, as more consumers in Europe and Asia have also been growing more accustomed to new forms of commerce.

Far EasTone has just announced its intentions to begin a pilot program for smartphone transactions.

The third largest telecom company in Taiwan, Far EasTone Telecommunications, has just announced that it intends to use NFC technology as a part of the trial mobile payments project that it is launching in the country in the second half of the year.

The first phase of the project will be starting within the third quarter of 2013.

That phase will work in partnership with both Far Eastern International Bank, and the second largest credit card company network in the world, MasterCard Inc. This, according to the president of the company, Yvonne Li.

The second phase of the NFC technology based payments pilot will start in the last quarter of the year.

During the fourth quarter of 2013, Li explained that the project will expand its mobile payments reach by working with a larger number of local banks, and will broaden its credit card partnership so that it will also include Visa Inc.’s network. This was announced by Li at the general meeting of shareholders for Far EasTone.

The NFC technology pilot project will begin by targeting mobile payments for purchases that are smaller than approximately $100 (NT$3,000). This is due to the Financial Supervisory Commission (FSC) requirements to which the organization must adhere. The FSC is the top financial watchdog for Taiwan.

Li has already explained that the NFC technology mobile payments will “begin with our group’s banks and department stores, while seeking external partners such as fast food chain stores,” however she also said that further details will be held off until a press conference before the end of this month, at which point they will be revealed.

The FSC granted approval to the Far Eastern Group unit, Far Eastern International Bank, back on June 11. This approval included the ability of the company to be able to offer mobile payments using NFC technology over smartphones that are equipped with that tech. This makes Far EasTone the second entrant into the mobile payments ecosystem in Taiwan, after the largest mobile provider in the company, Chunghwa.