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.”