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NFC smartphone payments taking off? Not so fast

Peter Suciu | May 27, 2011
Don't cut up your credit cards just yet. NFC mobile payment systems aren't coming to smartphones as soon as you think.


There's been other buzz around mobile payments this week. Square released an app called Card Case, which basically can transform a smartphone into a credit card. It's different from NFC technology in that it isn't really a credit card system, but a tab system. Card Case allows customers to save their credit card information in the app, and then "start a tab" when visiting participating merchants.


As NFC typically is aimed at contactless payments--which usually are for purchases of under $25 that don't require a signature--the benefits of the system are limited to certain retailers. While this will be ideal for grabbing a cup of coffee before boarding a plane, it probably wouldn't let you buy the plane ticket.


 

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