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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.

Tag: Credit Card Processing

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 reports.

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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