AT&T, T-Mobile and Verizon have teamed up to create Isis - a pay-by-NFC architecture that places the network operators at its centre, though it may already be too late. Isis has a logo, and is backed by Barclaycard, but will have to pit itself against Visa, which has already teamed up with Bank Of America, Wells Fargo and US …
Why network operators?
What does this tech have to do with mobile network operators? Is it just because it's "wireless", or that the most publicised NFC implementations so far are mobile phones (which haven't been released yet?)?
I wouldn't trust network operators, especially *American* network operators, to keep my penny jar secure, let alone my wallet.
Re: Raumkraut: Because if they control it, they can charge you for it.
If the mobile companies are in charge of providing infrastructure for and managing near-field comm payments, then they'll have another revenue stream: transaction fees.
Whereas, if the credit card companies have control, and the NFC transactions are simply "bits passed upstream to the Internet," then the carriers won't be getting as near a big chunk of that pie...
NFC is bound to be a boondoggle, anyway... Cybercrooks have already figured out how to skim all manner of magstripe and RFID payments systems (no-name ATMs and point-of-sale terminals in corner shops/convenience stores come to mind); it boggles the mind that we'd create yet another avenue for ID theft.
Cash may be clumsy and inconvenient, but it's identity-agnostic, and doesn't rat out your account numbers when it's stolen...
NFC, credits cards, etc - rubbish. C-A-S-H is KING (or Queen)
The country in which I reside has no cheques or much electronic banking,
Companies use payment clerks to ride around on motorcycles carrying huge quantities of CASH to pay out to creditors or collect from debtors. The government is just the same, CASH.
But we all have an option. If you want a receipt you will have to pay the 1!)% VAT; likewise if you don't need a receipt, you have the tax waived.
CASH is truly wonderful, in all countries. It doesn't leave a mouse trail for auditors, tax men or Plod to follow. This is the reason why governments love credit cards and, soon, NFC.
And so the folly continues
Beautiful, just beautiful.
The whole card security is based on distance: you have to be near to read the chip - or so they think. It's actually just a matter of the right aerial and receiver - AFAIK it's possible to pick up that chip at about 30 meters (passports at 70).
However, I do think they jolly well know this, indicated by the transaction limit. When did you last hear a credit card company limiting its ability to get you into debt?
Erm, name already in use?
So could a company invent one of these things and call it Beatles? U2? So how come they can with Isis? I'm guessing cos it's already a name and not really copyrightable. Anyhoo, shouldn't that be NSFC?
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