THIS JUST IN: credit cards are out, smartphones are in baby!

So all it’ll take is the wave of a smartphone, and BAM transaction approved.. well yeah, in theory.

 

 First I heard of this was sometime around August last year. In the US, Barclays Bank and Discover were teaming up with AT&T, Verizon and T-mobile in order to provide their respective customers with access to a brand new technology. 

This technology, also known as Near Field Communication (NFC) could potentially allow their customers to make purchases straight from their Blackberry, iPhone, or whatever other smartphone they used with that network provider. This was to overshadow the somewhat old-fashioned, and I use that term lightly, means of swiping of a credit card.

And this is when I first heard of the concept of “wave and pay”, which really kicked the poor old ‘soon to be’ out-dated credit card to the kerb.

Rather than having the big fish credit card companies like Visa, MasterCard and American Express, Discover (the current fourth biggest credit card company in the US) was looking to outwit it’s rivals by jumping onto this new technology before they took hold and offered it, and this was so effective that the shares of Visa and MasterCard dropped at the word of this technology leak.
So like the 3D technology, do you think this will work as a gamechanger or smartphones?

Do you think these figures look about right? In terms of how popular this NFC “wave and pay” technology will be? I won't lie, It does look pretty promising and neat to me!! super nifty technology

source: The Register, Engadget and gsmarena.com

- NIVEA.