Consumers who are eager to use their smartphones to deal with credit card debt may soon be able to do so, as the companies behind near-field communications technology are ramping up production over the next two years.
NXP Semiconductor, the company that co-invented the technology with Sony about a decade ago, expects to produce about 210 million NFC chips for use in smartphones in 2011 and 2012, according to a report from Reuters. In addition, the company expects that as many as 75 percent of all smartphones worldwide will have NFC technology enabled by 2015.
“We’re working with Google, Microsoft, all the handset providers, the carriers, all the banks and credit card companies, and every time we talk to Google, they tell us to double our production,” NXP chief executive officer Richard Clemmer said at a recent global conference, according to the news agency.
Many experts estimate that the use of NFC technology for mobile credit and debit card payments will become massively popular, rising to an annual value of $44 billion by 2015.