near-field communication

NFC mobile payments could hit $50 billion by 2014

Consumers around the world could generate as much as $50 billion in sales through NFC-based mobile payments by 2014, according to a report released yesterday by Juniper Research.

NFC, or near-field communication, lets consumers pay for goods and services on the go through their mobile phones simply by touching or passing them over another NFC-equipped device such as a register or terminal. The funds themselves are transferred from the user's credit card account stored through the mobile phone.

A variety of industry players have kicked off their own efforts to tap into the potential of NFC.

Google recently announced … Read more

Google to dub its mobile-payments service 'Google Wallet'?

It appears that one of Google's mobile-wallet partners has stolen some of the Web giant's thunder ahead of tomorrow's planned announcement.

Google, which is widely expected to unveil a long-rumored mobile-payments system on Thursday, will dub the service "Google Wallet," according to what appears to be an internal memo from The Container Store. According to the memo, which was published by Thisismynext.com, the Web giant plans to launch Google Wallet near the end of summer:

...this summer Google will launch a test of "contactless" payment through a mobile device--so customers will be … Read more

Report: Google to unveil mobile-payments service

Google appears to be ready to outline its plan to turn smartphones into mobile wallets.

The Web giant is expected to unveil a mobile payments system on Thursday that will operate on select Android-based Sprint phones, according to a Bloomberg report that cited unidentified sources familiar with the matter. Google reportedly plans to introduce the service initially in New York, San Francisco, Los Angeles, Chicago and Washington, D.C.

A Google representative declined to comment on the report.

The service, which will reportedly tap near-field communications technology, would allow users to pay for retail purchases by holding the devices up … Read more

Survey: Young more eager to pay via mobile phone

The mobile and banking industries have been all abuzz lately about offering consumers the ability to pay for items through their cell phones. But how do consumers actually feel about this?

Survey results released yesterday by MasterCard tried to gauge how comfortable people would be using their cell phones to pay for items on the go at stores, restaurants, and other retail outlets. And like many surveys focused on new technologies, this one showed a fairly big gap in feelings between the young and the not-as-young.

Among those 18 to 34 years old, 63 percent said they would be at … Read more

NFC system to let you pay for dinner via cell phone

You may soon be able to pay for dinner at your favorite restaurant directly through your cell phone courtesy of a new NFC system slated to become available later this year.

Announced today by electronic payment company VeriFone and software developer Micros Systems, the new system would tap into the growing technology of near field communication (NFC) to let customers pay for dinner bills through a digital wallet stored on their mobile devices.

By storing credit card and bank account information, cell phones equipped with the necessary NFC technology can exchange information with other equipped phones as well NFC-based registers … Read more

Analyst: No NFC chip in next iPhone

Apple's next iPhone will not be getting a near field communications (NFC) chip, according to a new report from analyst group Bernstein Research.

That report, picked up by Bloomberg and care of Business Insider, comes more than a year after signs surfaced that Apple was exploring the use of NFC chips in its mobile devices. Reports since then have been conflicting, with some saying the feature would arrive in the next device, and others pushing it out to the version after that.

NFC allows data transfer between two devices at short distances (about 4 inches). For phones and other … Read more

Visa to launch digital wallet system

Visa is planning to launch a new type of digital wallet system that would let consumers pay for items online with just a single click.

Tapping into the growing mobile payments technology known as NFC (near-field communications), Visa's offering could also let consumers wirelessly pay for items at retail outlets through a mobile device equipped with the digital wallet technology.

The company is promising a number of benefits through its digital wallet. Consumers could order items online in one click using a single e-mail address or ID and password instead of having to plug in their mailing addresses and … Read more

Intuit eyes NFC for mobile payment system

Intuit wants to give its customers a glimpse of the future of mobile payments through an adaptation of its GoPayment service that eliminates the need for credit cards.

Tapping into the growing field of NFC (near-field communication) technology, Intuit's reimagined GoPayment service would let consumers wirelessly pay for items on the go through just a touch of an NFC-enabled cell phone.

With the necessary NFC hardware and credit card information stored on a mobile phone, consumers could leave their money and credit cards at home and use their phones to buy items and services at stores, restaurants, and other … Read more

Report: Wireless carriers rethink mobile payments

AT&T, Verizon Wireless, and T-Mobile USA are scaling back plans for a mobile payment system that will allow people to buy things with their cell phones, according to a report in The Wall Street Journal today.

In November the companies announced that they had formed an alliance with credit card company Discover to build their own mobile payment network. The joint venture was known as Isis. The plan called for the carriers to set up their own payment and transaction network that would charge fees based on transactions. The business model would have put the wireless operators in … Read more