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RFID contactless payments to grow in 2010
11 Mar 2010

More point-of-sale (POS) systems will offer contactless smart card payments using radio-frequency identification (RFID) technology in the year ahead.

That is one of the forecasts made by ABI Research, which expects POS-contactless payment applications to see growth of 19 per cent annually through to 2014.

The analyst predicted that this and other 'modernising' applications for RFID - such as ticketing and cargo tracking - will grow much quicker than traditional markets for the technology, such as automobile immobilisation.

Looking at the RFID sector as a whole, ABI Research said that the outlook is good for steady growth, despite the economic crisis seen in 2009.

Michael Liard, practice director at the firm, said: "We expect the overall RFID market to exceed $8.25 billion (£5.6 billion) in 2014.

"That would represent a 14 per cent compound annual growth rate over the next five years."

RFID is used by partners of sQuid such as OTI and Ingenico to allow users to pay for goods at readers and terminals by waving their contactless smart card.