MasterCard Explores NFC Payment Solutions
There’s been a lot of discussion around cashless purchasing lately, but MasterCard has been exploring payment systems since 2001. They started off by offering programs such as PayPass enabled credit cards, PayPass key fobs and stickers, which allowed consumers to tap to pay rather than swipe a card. Now, Mastercard is exploring near field communication (NFC) technology to make the next big wave in payment options happen.
Now, MasterCard has partnered with Gemalto, a digital security company, to further investigate NFC and its capabilities. There are also rumors about MasterCard joining forces with Google and to build a Google-branded mobile payment system through their Android operating system, which already supports NFC. In addition, MasterCard is also exploring microSD solutions, such as the trials done by Bank of America, but the drawback would be that they are costly and some phones don’t have slots for these cards. Even if they do, the consumer may not be informed on how to use them.
While MasterCard is still exploring these options, it’s a bit too early to tell what the solution will be. It is estimated that we will know a lot more by the end of 2012, but I for one am hoping for an Android-based solution!