The Future of Mobile Payments and NFC is Bright (Infographic)
Split into three parts, the infographic shows where the mobile payments market is going, who is in the race and how NFC works. NFC is quickly becoming a big deal thanks to the introduction of Google Wallet, an NFC enabled app that will let you pay for items with your NFC equipped smartphone.
While this is a popular feature in many international locations, the US market lags far behind. Personally, the concept is appealing but a concern due to security issues. How hard or easy is it for people to grab the data from your phone’s NFC and empty your bank account or run up a big bill? With all the potential security concerns today, something new like this is harder for us to adopt.
The amazingly short-range at which these work (a few centimeters) means that someone would have to get really close to you in order to access your NFC device. Making sure that you have to actively approve an NFC payment will also help. Many of the apps require the use of a PIN to turn the NFC feature on, giving the user control of their security.
Some recent smartphones with NFC capability include the Google Nexus S, some versions of the delayed Samsung Galaxy S II and the Nokia N9 (which is expected later this year). Other Android phones with NFC are coming later this year, and Google made a big deal about it at Google I/O with a workshop title “how to NFC”.
UPDATE: A newer version of the infographic was added because it reflects that American Express Serve does support Visa, Mastercard and Discover.