Although NFC is quite developed in Japan and other Asian countries, it is still maturing in North American society. Many mobile companies such as Nokia, Samsung, and Blackberry are in different stages of NFC products. Other companies will be pressured to also want their products to be able to support the latest technology. Many companies are ready to launch NFC and incorporate it into their business, however how does everyone else feel about NFC?
Are consumers prepared for NFC?
Surveys were conducted and found that the vast majority of people living in America that used the mobile payment method would be low. This could be because consumers are worried about security and safety, or that it is in fact not reliable enough to use. Although tap to go technology sounds convenient and efficient, many are still quite concerned with the security issue of it, especially the government. These security issues may ruin the convenience of NFC.
Another problem?
One of the biggest problems hindering the launch of NFC is the lack of NFC-compatible devices and/or mobile phones. There are not enough NFC-enabled devices circulating right now for companies to incorporate NFC in their business. In addition, there are many forms of wireless payment and not just NFC. For example, Apple has recently released a similar concept called Passbook. Or what about Paypal? These duplicates for mobile payments can hinder the development of NFC in North America.
Approximately when will we be able to have virtual wallets?
In short, it will be a long time to fully experience the benefits from NFC, or any mobile payment methods for that matter. To re-iterate, Wired Magazine approximates in the range of 10 years before the government warms up to the idea of incorporating NFC. Even then, it takes time for businesses and developers to fully implement NFC into retail stores (provided they have enough incentive to do so).
“Before all venues accept payments with a smartphone, consumers cannot ditch their wallets,” Oren Levy, CEO of in-app payment platform ZooZ, said via email. “Otherwise, I will be able to pay at one store but not at the next one. For all merchants to accept payment with a smartphone it will take at least 10 years.”
Although NFC is a popular discussion, and has great potential for growth, consumers, businesses and governments are just not quite sure if it can operate smoothly as a virtual wallet just yet.