The absence of iPhone’s NFC may hurt banks

Technologies don’t easily carve their place among people. They take time. Credit card and debit card payment technologies, for example, took almost two decades to become globally ubiquitous. They became popular because banks wanted to make them popular, but how a technology like NFC will be accepted globally if the smart phone giant-Apple will not add it to iPhone?
Banks are upset. They don’t appear to be interested to deploy NFC-enabled (New Field Communication) POS (Point Of Sales) Terminals. The technology of NFC-enabled POS terminals is expensive, and there is no point of implementing it unless all mobile platforms mutually support it. The adoption also gets affected if consumers are not going to use it, right? Whatever the reason is, the absence of iPhone’s NFC may hurt banks.
What is Apple waiting for? Why didn’t it add the NFC feature to the iPhone 5? Is Apple waiting for NFC to be the part of mainstream? The reasoning is good, but there may be other explanations too:

  • Skepticism may be the reason so that many industry pundits keep misinterpreting NFC as Not-for-consumers. However, it is a sound technology, and people should take it as an upgraded version of those payment systems which were deployed in last century. It is simply a way to pay by mobile, no plastic card, no swap, no printed receipt.
  • It is safe to say that Apple is the company of renovation, not innovation. Apple neither invented the first MP3 player, nor smartphone and tablet PC. It is waiting for a better time where users are ready to use a phone-based payment system.
  • It does not want to initiate. Apple is waiting for a better U.S.-based infrastructure that supports NFC; that is ready to accept NFC.
  • Apple has phenomenal market and brand-power to move the market. Why would Apple support a technology that banks make money on, but they don’t? What is the profit of Apple adding such feature in its handsets that can hardly be a factor to improve its sales?

If these explanations are correct, users need to wait for long NFC-enabled devices.

Author: admin

Leave a Reply

Your email address will not be published. Required fields are marked *