“There’s a brilliance to the timing of Apple’s adoption of near field communication (NFC) technology,” Michael Carney writes for PandoDaily. “There are just 220,000 NFC-enabled merchants in the US today, out of the roughly nine million total merchants in the country.”
“But here’s the twist. There’s another major change set to occur in the payments landscape that will require the majority of these nine million merchants to deploy new hardware in their stores in the next year,” Carney writes. “As of October 2015, any merchants that do not support EMV credit cards – smart cards with integrated circuits that enable point of sale authentication and help prevent fraud – will be liable for the fraudulent use of counterfeit, lost, and stolen cards.”
“Millions of merchants will be required to purchase and install new card-reader hardware in the next year in order to comply with this standard. And when these merchants shell out for new card-readers, something they might do at most once or twice per decade, there’s a good chance they’ll opt for all the ‘bells and whistles,'” Carney writes. “Following Apple’s announcement, NFC is right at the top of the list of must-support technologies. Hence we could see a dramatic spike in NFC support in this country.”
Read more in the full article here.
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