By MyBankTracker  Fri Dec 21, 2012

NFC Payments May Take a While to Get There

At a forum at the Massachusetts Institute of Technology this week, NFC developers gathered to discuss the future of NFC payments and mobile wallets, reports MediaPost.

The talks pointed out a short-term issue with NFC payments in that not enough users have NFC-enabled phones. In addition to that, the head of mobile at MasterCard Mung-ki Woo noted that NFC technology at this point can be seen more as a value add to preexisting forms of payment — not a game-changing technology that generates buzz.

“It’s a better way of using your plastic. You don’t necessarily need a proposition that something has to be 10 times better,” Woo says. “It’s just incremental convenience, a richer shopping experience with value added services.”

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