Global mobile payments transactions are expected to rise nearly four-fold over the next five years to more than $1.3 trillion.

The news this past week that more than a dozen retailers have announced plans to create a mobile-payments system called Merchant Customer Exchange (MCX) highlights the growing interest in near-field communications (NFC)-based mobile payment solutions in the United States, a field in which the United States has trailed several Asian countries. As ITIF has noted, it remains important for policymakers to support the development of interoperable NFC standards so that these solutions can work across a wide array of mobile devices and point of sale systems. And furthermore, this statistic proves becoming a leader in mobile payments is tied to being competitive in the global technology race.