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Britain Has Healthy Mobile Payment Trajectory Could See $30 Billion In Ten Years

One of Britain’s largest banks, Barkclays, just joined the NFC Forum last week. In doing that they were very aggressive with their desires to be part of the forum dedicated to partners in Near Field Communications and contact-less payments. So much in fact that Barclays was given a spot o the board of directors.

Barclays released today the fact that they feel that Britain will account for some $30 billion dollars in mobile commerce in by 2021. Barclays doesn’t see much growth in traditional brick and mortar retail space over the coming years but they do online and mobile.

More after the break

“With little new shop space coming into play, the real growth opportunities lie on the virtual high street,” Richard Lowe, Head of Retail and Wholesale at Barclays Corporate, said a statement received by Bloomberg. “Those retailers which are prepared to invest will be at a significant advantage to the competition.”

Barclays is expecting 55% growth in mobile payments in just the next five years alone.  Britain’s biggest growth segment in mobile payments is groceries and food. Barclays has been a pioneer in contactless payments since 2007, which is why they joined the NFC Forum in the highest possible capacity.

“I believe that NFC is fundamental to the future of payments and the wider mobile experience,” said Val Soranno Keating, CEO, Barclaycard. “We’ve been the leader of the UK’s contactless payments market since launching the first cards and merchant terminals in September 2007. More than four out of five cards and an even higher percentage of terminals are still supplied by Barclays.”

All four major credit card brands have led the “Google Wallet” NFC charge in the United States.

source: Bloomberg