Contactless payments market will grow to $ 870 million by 2011

The market for contactless payments, which includes software and hardware, will grow to $ 870 million by 2011, according to ABI Research . Such payments are made from a mobile phone in which a special RFID radio transmitter is embedded.

In 2006, its volume was estimated at $ 260 million, and experts predict a 27 percent growth over the next five years.