With
boom in Smartphone market, in near future post of the population in the
world will own a handset. Other than its multimedia and connectivity
options, the geek gadgets are on the way to become tool for making
payments. With NFC (near field communication and Android Beam) the
concept is already made its way into mainstream markets. It’s already
big in Japan with 55 penetration, as well as emerging markets where cell
phones rule. In developed markets, it's likely to be limited to transit
and retail transactions.
With about six billion phone subscriptions globally, according to Canada-based IE Market Research Corporation, mobile payments will see a $1 trillion of transaction value by 2016, opening up for new mode of payment.
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