These Two Banks Are Snoozing While This Disruptive Technology Surges Forward



Comments (6)

  1. Ken says:

    I don’t see the big issue here. Chase already has Blink debit cards which is a form of contactless payment that can be used where ever VISA Paywave is accepted.

    So if they can issue EMV cards that still retains a mag-stripe, surely they can issue a card that has the EMV chip on the outside, the NFC chip on the inside, and the mag-stripe on the back, no?

    Besides, mag-stripe, EMV, NFC, the change isn’t going to happen overnight. You’re not going to switch millions of EMV POS terminals all over the world to NFC overnight, just as it’s not possible to change all the mag-stripe readers in the US to switch to EMV and RFID readers overnight either.

    In the meantime, just issue one single card that handles it three different ways: mag-stripe, EMV, and NFC.

    Simple, no?

    [Reply]

    Justin Fritz Reply:

    I agree with you that a standard credit card that handles all three checkout platforms would work in the short term. And I also agree that the switch to NFC won’t happen overnight. But we’re convinced it’s happening much faster than people think, especially now that smartphones can offer such a dynamic checkout experience. In regards to EMV, I simply believe that making cards compatible with technology that’s soon to be obsolete (and bragging about it) instead of looking forward, is a waste of time and resources.

    [Reply]

    jack Reply:

    What? Business wastes time and resources? It can’t be true. Only govt does those things. If so, what am I suppose to believe in now?

    [Reply]

  2. Michael says:

    Justin:

    When I enter NFC into Yahoo Finance, it does not come up as Near Field Communication Technology. Is there another name?

    [Reply]

    Justin Fritz Reply:

    Are you entering NFC into the quote search? Because NFC is the acronym for Near-Field Communication, not the ticker symbol.

    [Reply]

  3. Smart Poster says:

    The trouble is that there are just not enough NFC enabled phones in use to foster mass adoption. They will come and organisations in all industries should be looking at ways to leverage this NFC technology now not when it becomes mainstream. Just look at the adoption rates in other countries, especially China, those companies who hold back now will suffer in the long term and will be playing catch up. Google have already commited themselves will you wait?

    [Reply]

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