Is NFC for commerce and when will it be a reality?
Insightful discussion around the future of mobile payment coming out of the GigaOM Mobilize Conference held earlier this week. It’s great to see there are other people in the market that share the view that NFC may equate to “not for commerce” which is a view I shared with the Economist in this article earlier this year:
Critics of NFC technology argue that waving a phone around in front of a terminal hardly feels like an efficient and secure way to pay for something. Vincent Kadar, the boss of Telepin Software, a Canadian maker of software that supports mobile transactions, says that NFC should stand for “Not For Commerce”. NFC’s supporters claim that phones are at least as secure as cards and can be remotely “wiped” if they are lost.
I am rather curious as to who is paying for the infrastructure to take NFC from dream to reality. Same goes for the Isis, the carrier-led NFC venture (with AT&T, Verizon and T-Mobile) , as they may follow suit with other joint ventures like Zoompass here in Canada, limping along for several years until a real business model is found. Definitely check out the video of the panel discussion which includes reps from PayPal, Intuit, Visa, and VeriFone.