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NFC Future Questioned
A couple of panelists and the moderator at recent the 5th Mobile Contactless Payments Innovations Conference in Chicago questioned the validity of NFC technology as a basis for mobile payments in the future.
Chris Gardner, co-founder of Paydiant, said that cloud-based payment systems are much more secure than NFC-based payments because the consumers’ payment credentials are stored in the cloud, which he said is inherently more secure than NFC systems that require a consumer to communicate payment information for each transaction.
The moderator, Karen Webster, CEO of Market Platform Dynamics, mentioned that another term some use for NFC is NFW.
Chris Mahl, chief revenue officer of Level Up was not as negative on NFC, saying that his firm doesn’t care of the technology is used to connect to the cloud, but also pointed out that consumers don’t care either. So if they find mobile wallet easier to use than NFC that is the model they will use.
Though Paydiant can also work with NFC technology, such a system will be very challenged in the next few years, particularly as the storage and security of credentials become more of an issue as more providers enter the market, according to Gardner.
Another issue with NFC, according to Gardner, is lack of flexibility. So he expects the usage of NFC to wane greatly in the next five years compared to other wireless payments methods. He and Mahl pointed out that Apple, a technology innovator, did not include NFC in the recently released iPhone5. Gardner said he doubted that Apple would ever incorporate NFC into its technology.
2012-11-09 05:42:45
Source: http://mobilemarketingandtechnology.com/2012/11/09/nfc-future-questioned/
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