Starting this month, New Yorkers will be able to pay for their morning cup of coffee by simply waving their smart phones in front of a reader: no credit card or cash required. Bank of America is working with Visa to test using smart phones for store purchases in New York. Read the full story here.
According to Wikipedia, Bank of America and Visa are actively testing Near Field Communication (NFC) technology that is already widely used in Japan. There are several test-cases of this remarkable technology underway across the world. I believe users in US will be open to using NFC for payment for three reasons:
1. Speed of transaction: less waiting in line to make the payment. I strongly believe people are willing to adopt new technologies to increase convenience and save time. We Americans are busy and value every second! As an example, I do a finger scan at my gym to check in so I don’t have to wait in line.
2. Ease of use: all one needs to do is wave his/her phone.
3. Ubiquity of phones: while many of us may accidentally leave our wallets in another purse or jacket pocket, we’re seldom found without our phones. Somewhat sad but true! I always have my phone within quick reach.
It's about time, isn't it? I can't wait for a similar service to be available here.
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