Does Square App Have New Competition?
NFC, or near field communications, is a technology that has features to let you do touch-less transactions. You can make the transaction in various places and you can also make payments, transport payments, programs, coupons, and even information exchange. “Many of the major smartphone platform providers like BlackBerryand and Android are members of the NFC Forum,” the Forum’s Arnold pointed out.
“We look forward to their contributions as we continue to develop specifications to move the technology forward and to ensure that NFC is globally interoperable.” But the question is what is different from the NFC than from the already popular Square App Square “facilitates payments on mobile devices to get merchants to use them instead of POS terminals; it’s just an extension of the physical to the mobile space,” Holland explained.
As such, it’s “the flip side of NFC, it’s a card-accepting terminal, whereas NFC consists of your smartphone being used as a card replacement,” Holland said. “NFC enables your smartphone to become your wallet.”
Square has been negotiating with individual retail chains, but it might not be able to compete with NFC because it has both MasterCard and Visa behind them. Visa and MasterCard are both active with the company. Also the National Retail Federation is a close friend of NFC. “the flip side of NFC, it’s a card-accepting terminal, whereas NFC consists of your smartphone being used as a card replacement,” Holland said. “NFC enables your smartphone to become your wallet.”
I think that might be putting a little to much faith into your phone. Enough people already panic when they lose their phone, but at least they have their credit cards. Right? This would make you even more dependable on your phone if you lose it as if our phones do not already have a big chunk of our personal lives already.
People might be a little hesitant to this new Technology.