In the last posting I discussed In2Pay and briefly mentioned that it is facilitated by a MicroSD chip and Near Field Communicator (NFC). So what is this NFC? NFC is a short range high frequency wireless communication technology which enables the exchange of data between devices over about a four inch distance. It is simply an extension of the ISO\IEC 14443 proximity card standard (proximity card, RFID) that combines the interface of a smartcard and a reader into a single device.
Some believe that RFID is just an interim solution to achieving mobile banking facilitated by NFC. The thought is that ultimately mobile phone banking, not just contactless payments will be facilitated using NFC.
I believe that the concept of contactless payments needs to gain more acceptance before NFC for mobile banking will “take off”.
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