As an Android user, I love the TV commercial poking fun at iPhone fanatics waiting hours in line to buy the new iPhone, hopelessly waiting for the next big thing. With Apple’s recent move to acquire a security technology company, the blogosphere is full of predictions of what this could mean—will the next iPhone have Near Field Communication contactless payment technology? While Android phones have already embraced NFC technology, deploying NFC on iDevices could speed up the adoption of mobile payments. Or not.
Financial executives and merchants face different challenges with emerging payment technologies, including mobile payments, mobile wallets, mobile banking, NFC, EMV, prepaids, and more. Add in the consumers’ perspective—we want faster and convenient transactions, good economics, plus a little bit of the coolness factor—and you’ve got a grand mix of disconnects and opportunities.