New iPhone rumored to be NFC-ready, could spur mobile payment processing
27/06/2012 - By Louis Georgakakis
Mobile payments could take off if a leader emerges.
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With countries such as Canada on the verge of a mobile payment processing
breakthrough, many industry insiders are waiting impatiently for a leader to emerge. It's been suggested that like all major transitions, the payments landscape will need a regulatory force or key player to drive the movement forward. The wait may be over if Apple's new iPhone 5 comes with near field communication (NFC) technology, Forbes
NFC technology has been one of the four innovations that have surfaced as potential solutions, according to Business Insider
. The source also points to mobile applications, carrier billing and mobile point-of-sale terminals
. While there has been much buzz generated about NFC technology for a few years, there has been little evidence that mobile phone companies were making investments in the capabilities.
If Apple does in fact release a new iPhone model that includes NFC-chips, the brand could spur the market's transition. Forbes adds that a roll out now might help the company establish itself as a leader in the payments landscape, while a failure to release payment processing capabilities in this model could cause the company to fall behind.
Retailers are in a similar position, awaiting for widespread adoption of mobile payment systems. If they get on board early with the necessary devices, merchants can capture a large portion of customers' wallet shares, while late adoption might forfeit sales to competitors.
Articles written by ChargeNational.com's editorial team. For more information, click here.
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