“Someday, your teenage child (or grandchild) will stumble across a credit card in an old desk drawer and ask you: ‘what was this for?'” Gene Marks writes for Forbes. “That day is imminent. The extinction of the credit card will officially begin tomorrow, September 9th.”
“As you’re probably aware, tomorrow is when Apple will announce a bunch of new products, updates and services,” Marks writes. “Up until now the major backer of the technology has been Google. But as popular as Android devices are around the world, it’s the iPhone that rules in the economies (i.e. the U.S.) that pay the bills. And Apple for years has instead resisted jumping on the NFC bus. That will change this week, according to all accounts. And the impact will be fast and enormous.”
“With this technology now on all of our smartphones we can not only get rid of our credit cards, but our keys, membership cards, drivers’ licenses and wallets. But first, it’s payments,” Marks writes. “Credit card numbers, now encrypted on your device will become more difficult to steal. All of this is great news for my clients and for you, as long as your business is ready. Using your credit card will soon go the way of the rotary telephone and visiting your bank branch to make a withdrawal. How soon will this happen? Very soon.”
Read more in the full article here.
Apple to deploy tokenization + NFC for secure mobile payments, sources say – September 8, 2014