I've been banging on about mobile payments via this blog and in the ears of anyone who'll listen for years now. A couple of weeks ago I wrote about a rumour I'd heard that the new iPhone 5 from Apple would include an NFC chip which could be used for "contactless" mobile transactions. Like the guy on the water slide in the Barclaycard advert, except instead of paying for his banana with yet another slab of plastic that needs to be kept in a wallet, Apple's plans are to allow the iPhone to replace the card. So a swipe of your iPhone or, according to an article on Bloomberg.com, your iPad and you can pay for a whole raft of things.
Think using your iPhone to get through the turnstiles on the London underground, swiping your iPhone to get through the turnstile at the football match or touching an Amazon poster with your phone to order the latest episode in the Call of Duty series.
Now those of you in the business will know this has been touted for some time but looked like it was never going to happen. Now that Apple have taken up the mantle I really believe we're on the cusp of a revolution. Cheques, cash and plastic will soon be a thing of the past. Apple has a habit of stimulating demand through great design and desirability and I think mobile payments will be no exception. Of course the others will then quickly follow Apples lead...
But it doesn't sound safe I hear the pessimists cry. Don't worry, because you'd be using a mobile instead of a plastic card, there will be a user interface. This opens up possibilities for PIN entry to confirm a transaction of higher value or maybe even face recognition, a quick retina scan or finger print reading.
Cashless is coming...
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