TimmyHThe Future is Near (Field Commnuication)
July 24th 2008 00:50
Although carrying both a wallet and a mobile phone might make balance easier and save your spine, it might soon become unnecessary. In certain parts of Asia, the use of Near-Field Communication chips is making the humble wallet obsolete, at least for cash. NFC chips are inserted into a mobile phone and can be used to make electronic payments for taxis and public transport as well as be used at convenience stores and petrol stations.
NFC chips have been used for some time in contactless credit cards like the ones employed by Chase Blink. Mobile marketing experts at Juniper are forecasting that the value of NFC purchases will exceed $75 billion globally by 2013 and that by the same time over 20% of mobiles will have an NFC capacity.
A host of large brands and corporations including mobile carriers, handset manufacturers, banks, retailers and food chains have partnered to make contactless payments via mobile phones available in the US by 2009.
“By Christmastime 2009 you’ll be able to buy an NFC-enabled handset with mobile wallet software already installed and go to any of those stores with contactless readers to make a payment by tapping or waving your phone,” said Mohammad Khan, President of Vivotech one of the world's most advanced NFC specialists.
RFID contactless readers are being installed in outlets across the world which can tap into your bank card which is still in your current wallet. Handset manufacturers have been quick to back the use of NFC chips as a means of combining mobile technologies with these RFID readers. Nokia is set to have more than 15 different types of NFC compatible handsets on the market by the end of this year.
Security concerns have slowed the take up of the technology. Critics have suggested that lost or stolen handsets could give unauthorised users access to an owner’s financial and banking details. But Khan (not unexpectedly) has dismissed this as a scare tactic.
“Nobody can replicate the data or counterfeit a contactless card, because it’s all based on the highly secured contactless computer chip embedded in the card, which has a secret key algorithm that changes the three-digit CVV/CVC code for each purchase,” he says.
But the Japanese have already found a solution to that problem and are pushing ahead with investment in the technology. In partnership with AuthenTec, Japan’s NTT DoCoMo, has developed a new handset (the FOMA F1100) which has an integrated fingerprint sensor. NTT DoCoMo boasts that this “fool proof” security system protects not only the capability to make mobile payments, but any access to the phone’s stored information.
NFC chips have been used for some time in contactless credit cards like the ones employed by Chase Blink. Mobile marketing experts at Juniper are forecasting that the value of NFC purchases will exceed $75 billion globally by 2013 and that by the same time over 20% of mobiles will have an NFC capacity.
A host of large brands and corporations including mobile carriers, handset manufacturers, banks, retailers and food chains have partnered to make contactless payments via mobile phones available in the US by 2009.
“By Christmastime 2009 you’ll be able to buy an NFC-enabled handset with mobile wallet software already installed and go to any of those stores with contactless readers to make a payment by tapping or waving your phone,” said Mohammad Khan, President of Vivotech one of the world's most advanced NFC specialists.
RFID contactless readers are being installed in outlets across the world which can tap into your bank card which is still in your current wallet. Handset manufacturers have been quick to back the use of NFC chips as a means of combining mobile technologies with these RFID readers. Nokia is set to have more than 15 different types of NFC compatible handsets on the market by the end of this year.
Security concerns have slowed the take up of the technology. Critics have suggested that lost or stolen handsets could give unauthorised users access to an owner’s financial and banking details. But Khan (not unexpectedly) has dismissed this as a scare tactic.
“Nobody can replicate the data or counterfeit a contactless card, because it’s all based on the highly secured contactless computer chip embedded in the card, which has a secret key algorithm that changes the three-digit CVV/CVC code for each purchase,” he says.
But the Japanese have already found a solution to that problem and are pushing ahead with investment in the technology. In partnership with AuthenTec, Japan’s NTT DoCoMo, has developed a new handset (the FOMA F1100) which has an integrated fingerprint sensor. NTT DoCoMo boasts that this “fool proof” security system protects not only the capability to make mobile payments, but any access to the phone’s stored information.
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Comment by Hazel Castillo
Working Title
Cirrus Cloud
Parent Adventures
I always asked... what if you accidentally waved your wallet over that censor while someone was paying for something else??
I also know someone from Japan who has that kind of celphone and it was cool at thefirst time but i still dont know about the security..
Comment by TimmyH
Tech News
Can you HACK it?
Genyration