NFC – The Next Step in Mobile Payments
With rumours spreading, since Apple hired a Near Field Communications expert, that the iPhone 5 will be NFC capable means people outside of the industry have gotten on to the future of the industry. The technology means customers will be able to make purchases by simply swiping their phone over a terminal; it can even replace the keys to your house or car. By placing the NFC chip in your phone, in this case, within short range of an NFC terminal, small pieces of information can be passed back and forth, not unlike the Oyster card.
However it has been received with much controversy. Many journalists, bloggers and customers have questioned the security of this new technology from fraudster and the like. New technology always receives a tentative reception at first. But these fears are not completely justified.
I spoke to an NFC provider and his model to combat these security issues is to put a limit on these transactions, customers must enter a pin if the purchase is over £15, and they can only do three transactions of amounts under £15. So even if you where to lose your phone, no more than £45 could be spent. But the key with this new technology is the freedom, why should we put these restrictions on? And with these restrictions, why would the customers then choose to use this method over other trusted options, like credit cards? If you have any concerns concerning where and how you can utilize website, you can contact us at our own web page.
On average, it takes a person an 90 minutes to realise there wallet is missing, but only 20 minutes to notice their phone is gone, so you can cancel your account much quicker. And, most phones you have to enter a pin before you can use it, that pin would also apply to this. So there are some security features in place. This means our smartphones are going to become an even more integral part of our lives. NFC is the next logical step in this sector; with Apple and Nokia already well into developments making the process as secure as possible for all users. Although until a security system is in place, most in the industry will hold off launching NFC. The customers trust and security is at the forefront of concern.