Contactless payment spending to surge by 2011
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According to ABI Research, in its report "RFID Contactless Payments", spending is set to reach US$ 800mn (EUR 0.61bn) by 2011 on the contactless services, software and hardware market. By comparison, in 2006, spending reached US$ 260mn. It has been highlighted that the uptake of contactless cards is being limited by the fact that the two biggest applications of contactless methods - payments and ticketing - are remaining largely separate.
This is also slowing down the transition of such technologies into mobile telephones. It has been highlighted that the technologies would be adopted more quickly if there was a common infrastructure. Spending on contactless services, software and hardware during 2006 was led by contactless transportation ticketing, which represented more than four times that spent in the banking market (for open debit, e-purse and credit payments linked to financial services networks). It has been predicted, however, that financial groups and card issuers will be spending three times more than transportation providers by 2011.
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