NFC-based mobile commerce may be poised for growth in China
China Mobile, one of China’s largest telecommunications operators, and UnionPay, the country’s only provider of bank cards, have reached an agreement concerning standards meant to govern NFC-based mobile payments. The two organizations have been embroiled in a disagreement concerning these standards for some time, somewhat stagnating the growth of NFC-based mobile commerce. Now that a deal has been reached between the two organizations, standards are likely to be implemented on all payment systems that involve the use of NFC technology.
NFC remains somewhat exclusive
NFC technology is quite common in the world of mobile payments, but it has also become relatively unpopular with consumers in some parts of the world. While many people have a strong interest in mobile commerce, few can actually participate therein because they do not have an NFC-enabled mobile device. Such a device is needed if a person wants to make use of a mobile commerce platform that uses NFC technology. Because the availability of NFC-enabled devices is still quite low, some organizations have been working on alternatives to NFC.
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NFC standards could help mobile payments become more common
With the disagreements between China Mobile and UnionPay now in the past, China may be on its way to becoming a leader in the field of NFC-based mobile payments. The standards that the two organizations are working on developing will help ensure some uniformity in the evolving mobile commerce field. These standards will also take security into account, ensuring that NFC-based payment systems are able to protect consumer information as well as the information associated with any businesses that may be using such systems.
China may be a leader in NFC-based mobile commerce
China may become the first country to do away with competing mobile commerce standards. Western markets are home to various standards concerning NFC-based mobile payments that have stymied the growth of the mobile commerce field. These standards are typically issued by companies that are working to establish a stronger presence in the mobile field. Organizations like the NFC Forum do exist, however, and are trying to instill more universal standards concerning the use of NFC technology around the world.