I agree, Apresher, the market will decide. While the technology may now be embedded in a a number of smartphone brands, retailers would have to adopt the technology on a wide scale. Some retailers are testing it, but to reach critical mass, it would need to be hundreds of thousands of retailer outlets. Consumers won't accpet it until it fiarly ubiquitous.
What I don't get is what it saves in time or energy. You still have to select your card or checking acount. You still have to engage in some form of security (pin or signature). It seems that ending the swipe function is not enougha big enough change to warrant a wholesale revamp of technology.
Interesting technology. I don't think there's any doubt that something will replace the credit card but it is difficult to foresee what will tip the scales in favor of a specific technology. Certainly if NFC has already been five years in the making, there has been significant work on the communications side, plus also security. We'll have to wait and see if it is accepted in the marketplace.
I'm still a bit confused about how NFC is an advantage over our cards. It's really not much trouble to swipe a card at the point of sale. I would also think there are plenty of security issues. I guess I don't see the problem this technology would solve.
I, for one, would rather lose my smartphone. With all the passwords I have for the important apps, like banking, no one would be able to get into it. Of course, there are probably hackers out there that can troubleshoot my simple password, but it's better than losing my wallet and having someone be able to use my credit card immediately.
I have no doubt the e-wallet will be as ubiquitous as the smart phone is today is just a matter of time. One thing that stood out to me, though, was the comment about theft or losing a phone. I'm not sure what's more common--people losing their wallet or their smart phones? In the case of e-wallet based smart phones, I would think there is a ton of work to be done regarding security.
Great stuff! If I remember correctly, the Bluetooth specification was around for many years before it saw integration into popular consumer electronics. MEMS and Nanotechnology also had a fairly long incubation period before it got traction. Maybe now is the time for NFC to take off? It is so difficult to pick winners and losers in technology. Sometimes the most innovative winners need to wait until the rest of us catch up before their utility is discovered. It's up to the early adopters to keep plugging away and the manufactures to be prepared for delayed gratification. ...Just ask an "overnight" singing sensation how many years they spent singing in bars for tips before the became an international phenom...
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