No plastic, no cash, no problem. Paying for your morning Starbucks cup of Joe is as easy as a wave of your smartphone in front of a point-of-sale (POS) reader. No counting out change, no digging around for your debit card. And while the Starbucks scenario is reality, retailers, credit card companies, payment services, telecom, consumer electronics and more are joining forces to develop and promote this cutting-edge mobile payment technology.
This technology is being adopted rapidly. Smartphones are being equipped with near-field-communications (NFC) chips that interact with POS readers. The Berg Insight global research firm estimates that the worldwide installed base of NFC-ready POS terminals will jump from 3.9 million units in 2011 to 43.4 million in 2017, an annual growth rate of nearly 50 percent.
Design News recently interviewed Tim Ingold, Jr., Director of Technology and Innovation, Jabil about mobile payment technology. According to Ingold there are three key factors for the increasing adoption of this technology:
The following infographic from Alltop provides a visual overview of mobile payment technology at-a-glance:
Read Tim’s article: Payments for People on the Go to find out more about this exciting new technology and the infrastructure hurdles that must be overcome to build this new mobile payment ecosystem.