Rising Popularity of Mobile Wallets and Contactless Payments in NFC Technology

Consumers are increasingly turning to contactless payments and relying on mobile wallets for their transactions, as per the NFC Forum’s Near Field Communication Usage and Adoption study.

The study, conducted by ABI Research, shows that 95% of respondents have opted to leave their physical wallets at home in favor of taking a mobile wallet with them at least once. Of these respondents, 17% carry their mobile wallets daily, 36% multiple times per week, 31% multiple times per month, and 11% rarely.

The research indicates that while there is a growing trend of people relying on mobile wallets, there is still some hesitation in completely ditching physical wallets. Many prefer to have an alternative payment solution available, whether in the form of cash or cards.

In terms of usage, mobile wallets are catching up to physical cards, with 40% of respondents using their mobile wallets multiple times per week, compared to 43% for physical cards. Smartwatch wallets are used less frequently, with nearly 69% of respondents using them multiple times per month or less.

Andrew Zignani, research director at ABI Research, attributes the increasing daily use of mobile payment platforms to the security, reliability, and convenience they offer.

When it comes to contactless payments, contactless cards remain the preferred method for 45% of respondents, followed by mobile wallets at 39% and smartwatches at 16%. NFC contactless payments are perceived as the most secure, convenient, reliable, and easy to use payment option by a significant portion of respondents.

NFC Forum Executive Director, Mike McCamon, highlights the benefits of NFC technology in creating efficient, secure, and environmentally friendly solutions, empowering device makers and solution providers to develop transformative solutions across various industries.