As I mentioned in my previous blog, the South Korean smartphone market is growing steadily. In South Korea, an RFID-embedded smartphone launched in August 2010. It is expected to spur an increase in users of mobile contactless payments. In addition, the majority of smartphones sold from the fall of 2010 onward are projected to carry RF antennas. These factors will all support a relatively strong user base for mobile contactless payments moving into the future. However, the environment for the growth of mobile contactless payments market has not been readied yet. South Korea has problems to solve in order to support market growth. Celent suggests four essential points for the growth of mobile contactless payments.

• More mobile phones equipped with RF antennas
• More mobile contactless payment processing terminals
• Unique mobile services
• Synergies driven by interoperability

My new report, Mobile Contactless Payments in South Korea: A Recipe for Future Success?, provides further details about the South Korean mobile contactless payments and Celent’s strategic recommendations for the growth of this market.