Section: iPhone / iPod touch / iPad, iPhone, Originals
By Michael Koploy, ERP Market Analyst at Software Advice
Every year since 2007, Apple has rolled out a new model of its popular iPhone. But the next iteration may change not just the cell phone arena forever, but both the technology and financial landscapes.
What about this next iPhone would be so different? It’s not the likely improved camera, faster processor, or higher-resolution screen. It’s the ability to act as your Visa or Mastercard. Apple can do this by including near field communication (NFC) technology in its latest smartphone, a technology powered by radio frequency identification (RFID) chips. Many Android and BlackBerry phones are getting the technology this year, and Apple’s iPhone is rumored to be next.
So, how would an NFC iPhone be different? Apple would be able to integrate shopping applications and other financial apps with the NFC service to make a new shopping experience any other hardware or software company couldn’t provide. By doing so, Apple could set up its own merchant services account and receive a portion of every iPhone-based credit transaction.
Could it then become an all-new credit card brand, like Visa or Mastercard? Apple certainly has the capital to invest in such a network, if they choose—to the tune of $60 billion in cash. What direction will they take NFC functionality?
And is the future sooner than we think? While there isn’t an iPhone coming out this weekend, BGR is reporting that there’s a possibility that the Apple Store’s 10th anniversary surprise is NFC-related. We’ll find out soon.
- Michael Koploy is an ERP Market Analyst at Software Advice. For further discussion on this vision for Apple, check out: Why Apple is Poised to Become the King of Payments.
Photo from itsaboutiphone.co.uk.
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