Someday, your teenage child (or grandchild) will stumble across a credit card in an old desk drawer and ask you: “what was this for?” That day is imminent. The extinction of the credit card will officially begin tomorrow, September 9th. Is your business ready?
As you’re probably aware, tomorrow is when Apple will announce a bunch of new products, updates and services. The company, according to leaked reports, intends to intoduce a new “iWatch”, a bigger, more durable iPhone and further details on its OS operating system and Mac hardware.
But the biggest news that will affect us, as retailers, business owners and consumers, will be the company’s support of NFC (Near Field Communications) for mobile payments. NFC, which has been around for years, allows two devices to transfer encrypted data at short range using radio waves. Up until now the major backer of the technology has been Google. But as popular as Android devices are around the world, it’s the iPhone that rules in the economies (i.e. the U.S.) that pay the bills. And Apple for years has instead resisted jumping on the NFC bus. That will change this week, according to all accounts. And the impact will be fast and enormous.
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Source: Gene Marks (www.forbes.com)
