Contactless payments generated $260 mln in 2006

Spending on the contactless hardware, software, and services market will reach $800 mln by 2011, up from just $260 mln in 2006, according to ABI Research. Contactless transportation ticketing dominated spending on contactless hardware, software and services in 2006, accounting for more than four times the expenditure in the banking market; however, by 2011 card issuers and other financial groups will be spending three times as much as transportation providers.