NFC (Near Field Communication) Future of Mobile Payments Technology


NFC (Near Field Communication) future of mobile payments technology, Mobile commerce or m commerce can be defined in the most naïve manner as “the system where commercial, financial and banking transactions are carried out using a mobile platform”, mobile commerce industry start out from a small experiment in a bank in Telecom pioneer Finland to provide mobile banking to its customers, in its initial stages it was SMS enabled exchange of transaction.
It’s a revolutionary world of where on one hand there is digital and online gaming where Credits and online gaming currency which is bought using real $dollar is used to buy virtual goods, for building farms these virtual community games have exclusive content available for the special class of user who access these games via their smart phone devices.
The use of mobile payments in real world working conditions is going to be next big thing for the mobile service provider and other financial service providers. Near field Communication (NFC) is going to change the way we have been making payments. According to a recent study by 2014 half of the total smart phones will have NFC chip integrated in them and by 2015 the market size of mobile payments is going to be around $ 670 billion.
NFC technology works via simple touch between two devices during the process of touch an initiator device sends data via radio frequency to the receiver device, Thus payments can be made by just a touch of two NFC devices. This revolutionary technology will change our perception about money and will create new paradigms about payment. Some of the devices which support NFC are Samsung Galaxy SII and Nokia N9 and a flood of Smartphone’s Featuring NFC are due to come this year. Manny big players in financial and monetary services are trying to take an early lead Google Wallet, ISIS, VISA (VISA VALLET), SERVE (AMERICAN EXPRESS) et. al have come up with their own specific products.
Google Wallet will targeted the already huge and fast growing number of android enabled smartphone devices, ISIS is formed out of collaboration between three big carriers in USA, Visa Valet will use the supported financial networks of visa and other banks, similar to visa wallet is SERVE by AM-EX , But the thing remains to be seen is will these products provide support to other rival mobile payment solutions and will carriers support financial transactions from other rival networks. But one things which readers can be sure is with the long years of expertise of these financial giants and their expertise in providing safer payment options plus the consumer friendly Payment technology like NFC which consumers will always find with their arms reach ...the future of Mobile Payments is bright.
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