A Future Without Wallets

Hey Team,

Did anyone else watch 3 news tonight?
A interesting segment came on about Near Field technology. I have already foreseen some of the future possibilities of NFC  because of my own research into the available technologies. In case you don’t know ill keep you up to speed.. Hopefully..

First I will cover abit of background on Near field Communication. NFC has been around for many years, it was patented first in 1983 and then it was founded in 2004. NFC has only just recently kicked off with the use smart phones. Devices are still limited, but they are ever growing.

Back onto the subject. Excitingly there are reports that NFC will be seen in use for purposes such as shopping, towards the end of this year/ early next year. That’s not the exciting part, what it means for us is that this technology will be readily available soon to be used as a part in our project. NFC is what I would describe as cutting edge.

“Paymark chief executive Simon Tong says the joint venture between the four companies will help set up the system which can then be built upon.”

“It’s the first time this particular mix of organisations has come together to provide a centralised TSM which will offer world-class, yet low-cost infrastructure,” he says.”

Read more: http://www.3news.co.nz/Have-phone-can-pay-for-shopping/tabid/412/articleID/249001/Default.aspx#ixzz1qs0Ym3HK

Beyond the project I see these smart phone capable devices evolving into the “all in one device” that replaces many other things. First on the chopping block is our wallets, containing our credit cards. Our mobile phones will replace our credit cards. There are endless possibilities on the horizon, such as our mobile phones replacing our car keys right down to replacing our television remote. There will aslo be no need for hand out receipts due to digital receipts, which is a plus for environment and our draining paper pulp resources. Obviously the change to NFC will not be sudden due to current capabilities and ownership of devices, however it is a growing market.

To some, the possibilities may bring on future shock. The first real concern that people have is security.  From what the articles I have read say, is that to use your smart phone as payment option is just as safe as a credit card. Currently pay mark, Vodafone New Zealand, 2degrees and Telecom New Zealand  have already signed up. “Vodafone expects to go to the market with the technology in 2013 when NFC-enabled devices become more common. ”

There is testing currently underway.. “The trial involves 44 staff members from both companies and runs until the end of February. Also taking part are Visa and Paymark. Participating retailers are cafes located inside Vodafone’s headquarters in Auckland and BNZ’s headquarters in Wellington, hence the codename, ‘Project Espresso’.” The device that is being used is a SII handset.

Read More:http://computerworld.co.nz/news.nsf/news/vodafone-and-bnz-trial-near-field-communications

To some up obviously we are doing something different with the technology that is innovative in our own way, but it is still relevant to see how this technology is evolving around us with different outcomes. We can learn from what is already being put into place. If we play it smart we can open up our audience to exciting new possibilities. NFC technology is cost effective, cutting edge and user friendly so whats not to like. We just need to employ the technolgy strategically. I still like the idea of combining NFC with QR  because it caters to people that are not up to date with NFC at present and it is easy to set up as well as having the lowest cost.

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