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Monday January 31, 2011 2:11 pm

The future of Apple’s NFC mobile payment strategy

Posted by Reza Malayeri Categories: Apple, Smartphones, Editorial, Rumors

iBankApple NFC payment system

There is no question that mobile phone payments are very popular, and that many of us can operate our entire financial lives from our mobile phones. Apps from PayPal, and Square can turn our iPhones into portable financial centers, allowing us to exchange money quickly and easily. These new applications are creating opportunities and benefits that will shape the future of mobile payments.

Predictions about the iPhone 5 and the iPad 2 are beginning to heat up, and much of the talk has been about the implementation of NFC (near field communication) technology. What we haven't heard about so far, is anything about native intergration of mobile payment solutions from Apple and Google.

Mobile phones are about to become the credit cards of the future, and the competition between Apple and Google is about to get fierce. Google has begun the movement by intergrating NFC hardware into its flagship Nexus S smartphone. This has triggered many industry analysts to predict that Apple will make a similar move with the iPhone 5 and iPad 2.

With the adoption of NFC technology by Android, and the growing adoption of mobile finance apps, Apple's implementation of the "iBank" seems inevitable. Apple has a tremendous ditribution network with iTunes, bolstering 160 million active credit card accounts.  They can leverage their intergrated ecosystem of hardware and software, gigantic user base, and existing payment systems, to make a ton of iCash. 

All signs point towards Apple's adoption of NFC technology with the release of the next iPhone. Recent job postings have been for experts in NFC technology, and industry analysts have received information about Apple purchasing NFC-related parts. Apple is poised to bring even more magic and revolution with their eagerly awaited iPhone 5, and  the world waits in anticipation for the details of their unique implementation. Stay tuned for an exciting set of releases from Apple. There's no doubt that the iPhone 5 and iPad 2 will change the game once again.

What do you think about using your mobile phone as your wallet? Do you think that Apple's method will be better than Google's Checkout? Whatever your preferences are, be prepared, becasue the movement into digital mobile payments is about to go mainstream.

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