Volume: 1 Issue: 11
Many in the payments industry have been closely watching the development of mobile financial services, with estimates that there are more than two billion mobile subscribers globally. Recent industry reports also predict that by 2011, nearly 99 percent of handsets will be capable of accepting transactions, and revenues from mobile offerings may reach $88 billion. There are also reported to be more than 40 mobile contactless payment trials going on in the world, and the number is expected to increase to 100. It has also been reported that there are 13 million contactless credit cards and other forms of payment devices (for example key fobs or near field communications phones), and 46,000 merchant terminals accepting these in the world. Near field communications (NFC) is the new technology that enables applications stored on a secure element in the mobile phone to communicate with other NFC chips.