Contactless Payments - We Got The Point

Filed in archive Contactless Payment Systems on July 22, 2005

I'm convinced that one of the main problems faced by executives today is that there is just TOO much news and information.

It bombards us: print, TV, radio, messaging, online. And there is no relief because it keeps coming, 24/7.

Filtering important information out from unimportant "noise" has become an essential skill for any executive.

So it comes as no surprise to me that to make a message stand out from all the noise, some people will resort to using especially colorful words.

Yesterday's ABI Research press release about contactless payments is one such example. The release is about how strong the market uptake is for contactless payment systems, and it uses words you don't often see in the measured tones of analyst communications. (I mean, when was the last time you read an analyst's communication that uses all these terms in the same release: "explosively-growing", "mind-boggling" and "shocking"?) Here is a short snippet from the ABIResearch release:

Early in 2005 ABI Research forecast that "the coming year will see a sharp increase in the number of contactless payment opportunities for consumers." According to Erik Michielsen, the firm's director of RFID and ubiquitous networks, that forecast has not only proved correct, but is an understatement.

The related market for near-field communications is also seeing a surge in activity although according to Michielsen, 2006 will be "the year of NFC."

These explosively-growing sectors are examined in detail in two ABI Research studies, "Near-Field Communications" and "RFID Contactless Payments".

"The momentum in both of these markets is absolutely mind-boggling," he says.

Anyone not get the point? Demand is very strong and growing fast for contactless payment systems.

For a related topic, read: RFID Cards Lead MarketTags: RFID; Business