Munich-based G&D, a leading financial service and security company, has introduced the first payments sticker that complies with the specifications of the German banking industry. The new sticker makes use of NFC-technology and converts consumer’s smart phones (and non-smartphones) into a payment platform to make purchases — even if it is not NFC-enabled.
Currently only a small number of NFC devices have been made available in the global markets, and G&D’s new stickers would likely fill in the void to its customers. The technology employed in these stickers uses MasterCard’s PayPass technology, which would enable G&D’s customers to use them at 350,000 NFC terminals across 37 countries. The growth of NFC technology would also most likely expand the base of NFC-based mobile users, which would be a huge potential for innovative companies like G&D to attract more customers. According to a survey conducted by ABI Research, NFC-based mobile users would grow to 594 million in 2016. Similar projections by Juniper Research suggest that the total transactional values of mobile-based NFC payments are likely to hit $180 billion by 2017.
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Previous initiatives in Europe to adopt NFC technology have been highly effective especially in Germany. Since November 2011, German railway operator Deutsche Bahn has implemented Touch&Travel, a NFC payment system for its 320 long distance railway stations, so that commuters could pay using their mobile devices by scanning a 2D bar code. Also last year Vodafone, Deutsche Telekom and Telefónica under the existing mPass brand name, adopted NFC stickers to enable contactless payments at point-of-sale across retailers in targeted regions in Germany in order to mitigate long queues. G&D anticipates that NFC stickers will help in the expansion of mobile commerce in Germany.
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