Blog

What could an NFC-equipped iPhone due to the mobile payments industry?

August 22, 2012

Retailers and consumers alike are implementing and adopting mobile payments systems to simplify purchasing processes.

Retailers and consumers alike are implementing and adopting mobile payments systems to simplify purchasing processes.

The increasing use of mobile payment services has caused some experts to speculate on what a near-field communications equipped iPhone would do to the industry. In a recent article for VentureBeat, Seth Priebatsch imagines such a scenario.

Priebatsch suggests that while many may believe that Apple moving into the mobile payments sector could result in industry dominance, he points to a number of factors that could make that proposition more difficult and potentially impossible to do right away.

For one, current payment structures represent a huge challenge. “The current payment infrastructure … has taken decades to build and won’t be gone overnight,” Priebatsch writes. “It’s kind of like the power grid. There are alternative energy sources, but the power grid has such ubiquity and control over the general population that it will take years and years to undo.”

As of yet, Apple has announced no plans to equip its smartphones with NFC capabilities. However, for most experts, it’s merely a waiting game.

Back To Blog