“Speaking on panel about mobile payments during Fortune’s Brainstorm Tech conference in Aspen, Colorado, some of the players in that market denounced near field communication — the technology that some have heralded as the driver of the cashless revolution. EBay, which owns PayPal, has already famously shunned the technology, which allows mobile phones to make transactions by tapping on them,” Richard Nieva reports for Fortune. “(At a Fortune event earlier this year, CEO John Donahoe said NFC stands for ‘not for commerce.’)”

“While panelists acknowledged the role that the buzzy technology would have, none thought it would be a cornerstone for the market. ‘It’s part of the solution,’ said Ron Hirson, co-founder and president of Boku, a payment company that deals directly with carriers. ‘It’s not a global standard for payments,'” Nieva reports. “Still, faith in NFC has gotten a boast recently, with rumors that Apple’s next iPhone will include that technology. Hirson conceded that if the tech giant gets into the game — which he thinks won’t be for years — all of the players have a fierce competitor. ‘Apple is notorious for waiting to do something, then doing it right.'”

Nieva reports, “But in the meantime, companies like Square continue to tackle the market for small merchants. They just got a little more competition. The financial technology company NCR — currently most well-known for manufacturing ATMs — today launched NCR Silver, which turns an iPad into a point-of-sales device.”

Read more in the full article here.

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