NFC technology may be on the verge of causing yet another revolution in the mobile market. Contactless payments are a popular use of the technology, but its capabilities do not stop there.
Google recently announced their new Google Wallet project, which seeks to leverage NFC technology for payments while storing user’s financial data within a mobile device. Citigroup, MasterCard and Sprint Nextel also have similar products planned for the future. There have been some concerns about security, however, as mobile devices are often the targets of cybercrime.
Despite doubts regarding security, the public seems to be ready to adopt mobile wallets, according to a new MasterCard survey. The survey finds that of the nation’s mobile users, 62% are willing to use their mobile device to make purchases. Of those, 63% would be willing to use a mobile wallet to store their financial information in lieu of a physical one. 62% of participants in the survey said that security is an issue, but a breach in security would not deter them from using a mobile wallet in the future.
NFC powered transactions are becoming a popular idea around the world, but Brad Strothkamp of Forrester Research, an independent technology and market research firm, believes that the hype is undeserved. Strothkamp believes that NFC presents only a novelty solution to an issue that is not really problematic.
“Even if mobile payments were available, you’ll still have to carry cards,” he says.
