The Asia Pacific region will account for the largest share of spending via NFC-based smartphones in 2020, according to Strategy Analytics.
The region will be ahead of North America (31 per cent) and Western Europe (21 per cent), said the study.
Total spending via NFC phones will hit $130 billion by the end of the decade, says the survey. It forecasts 254 million mobile users will make, on average, five payments per month with an average spend of $8.8 per transaction.
Interestingly, despite the research firm’s positive outlook, NFC-based payments will still account for only a single digit share of the global retail sector by 2020.
The momentum behind mobile payment growth comes from Apple Pay, a push by payment networks (American Express, Visa, MasterCard) to drive NFC-enabled terminals and growing signs of consumer interest.