Google’s Schmidt Predicts Contactless Terminal Rollout | NFC Times New – Near Field Communication and all contactless technology.

Google’s executive chairman Eric Schmidt reportedly predicts that one third of U.S. point-of-sale terminals would accept contactless payment within a year, a penetration rate that he said would be “sufficient” for widespread adoption of NFC-based mobile commerce.

But upgrading a third of the terminals in the United States within a year would be a tall order, given that, at present, only about 2% of the roughly 7 million card-accepting merchant locations in the United States have been equipped with contactless POS terminals since the U.S. contactless-payment rollout began seven years ago. And many merchant locations have multiple POS terminals.

And all of that assumes a clear value proposition for consumers, retailers and other participants in the ecosystem. Many believe it is unlikely all that will come together so quickly.

Google’s Schmidt Predicts Contactless Terminal Rollout