NFC (Near Field Communications) has been around for years. In Holland, the Dutch use NFC to enter/exit the country as a type of passport control, and in Hong Kong consumers use NFC to pay for tube rides and travel their city. Finally, we are getting somewhere in the USA with our payment industry. And with the declining cost of the terminals (that process the payments), we can now hope to begin a more formal launch of payments. While Europe has been based on chip for over 20 years, it is widely acknowledged that the USA has a way to go to catch up.
However, I am excited at Google’s new wallet payment, innovative in its design, which may allow us to jump a few steps ahead. The technology works based on a tap and pay mechanism. Many of you will have experienced this in the NYC cabs, where you tap your credit card to the terminal. Now with Google’s new payment system where the chip is embedded in your phone, you can leave your wallet at home and tap/wave your phone for the transaction to be processed.
There is a special feature on the Google wallet that allows you to combine all of your discounts, loyalty reward programs and credit cards into one place. And you can leave your wallet at home. It only works with a limited number of banks right now – but you can always sign up for the Google Prepaid card also.
Watch this space for more in this exciting new technology!
More information on this can be found at http://mashable.com/2011/09/20/google-wallet-review/