Mobility seems to be the future of commerce. For several years now, electronic commerce has been growing into a formidable force in the world of business. With companies like Amazon and eBay catering almost exclusively to digital consumers, the viability of electronic commerce has become an unavoidable part of the business world. The world of commerce is currently in a state of flux thanks to the rapid advance of mobile technology. With more consumers encapsulating their lives in their smart phones, the prospect of NFC-powered payments via a mobile device is paving the way for a commerce defined almost entirely by mobility.
Mobile commerce brings with it a sleuth of privacy concerns that may keep consumers away from NFC payments for some times. The most prominent of these concerns comes from the fact that the entirety of a person’s financial information – their bank accounts, personal identification details – is stored within a smart phone. If the phone were to be stolen, this information could be used in a number of malicious ways.
Thus far, little is being done to placate the concerns of consumers. Companies like Best Buy and Walgreens have begun adopting NFC technology to facilitate mobile transactions, but they are not overly concerned with the privacy of their customers. The security issue lies squarely with phone manufacturers and those developing so called “mobile wallet” technologies.
While NFC technology has been firmly placed within the realm of commerce, it is unlikely that the technology will be confined to the ambiguous boundaries of finance. With technology, as a whole, becoming a more prominent part of life, the issue of security is quickly becoming one that can no longer be ignored.