“Near Field Communications (NFC) is a technology that — after merchants install necessary point-of-sale hardware — will allow users to pay using their mobile phone rather than a traditional credit or debit card,” Eric Jackson reports for TheStreet.
“Picture waving your iPhone at the grocery store to pay, rather than your Visa, Mastercard, American Express, Bank of America or JPMorgan Chase debit or credit cards,” Jackson reports. “Your iPhone would already be linked to your iTunes account anyway, so the process would be comfortable for many right from the start.”
“Make no mistake: Apple has its long-term eyes on totally disrupting the cozy and lucrative perch on which the major credit card companies sit. In the U.S., this represents a $6.2 trillion market today,” Jackson reports. “Apple wants to take a major share of mobile payments in the future.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]