Our industry and NFC

[Earl Weiss]

NFC = Near Field Communiction.
Physical credit cards will disappear from the wallet and be replaced by info stored in the phones. Google Wallet is rolling out know partnered with Citi and Mastercard as well as numerous merchants.
Yes, you will need aa PIN to unlock the info for your phone to use whcihever card you choose to use.

But, for our industry, Tunnels and SS we need to make sure that any system purchased and installed can accomodate the NFC technology, not only from the payment standpoint, but it also can provide for instant Loyalty programs.

An example shown is that with a tap of the phonme to the Loyalty Kiosk at the coffeee shop. (Once the phone was given "permission" to make theis communication) the person was enrolled in the loyalty program which was 10th cup free.

It would seem that our industry could adopt and benefit from this technology. Great for us because it would not have the equipmenty moisture and muisuse issue of credit card readers in the bay. However, the seeming difficulties with SS credit card instalation and use issues, makes it seem as though our industry will be slow and expensive to adopt.

Who will be the leader in our industry? Time will tell.

 

[pitzerwm]

Sadly, Asia has had this for 10 years, but our government decided we weren't smart enough to have this until now.

 

[Whale of a Wash]

Like bill said Korea has had this for 10yrs at least. It would be very easy to implement in the carwash and very low cost compared to card readers.
I guess the hurdle seems to be the elimination of alot of atm fees, and possible credit card fees as they allow you to put credit on your account ahead of time,or bill the cell carrier. I Don't think our credit and Banking industry need someone killing the cash cow.

 

[Earl Weiss]

Sadly, Asia has had this for 10 years, but our government decided we weren't smart enough to have this until now.

What pray tell did the govt do or not due to delay this?

 

[Earl Weiss]

Like bill said Korea has had this for 10yrs at least. It would be very easy to implement in the carwash and very low cost compared to card readers.
I guess the hurdle seems to be the elimination of alot of atm fees, and possible credit card fees as they allow you to put credit on your account ahead of time,or bill the cell carrier. I Don't think our credit and Banking industry need someone killing the cash cow.

This seems to be a different system. You take any credit card from a provider (Citi, Chase, MC Diners, Am Ex etc.) who participates in the system, (and they are hoping all will participate), and the charges go to whichever card you choose.

 

[kabak]

This seems to be a different system. You take any credit card from a provider (Citi, Chase, MC Diners, Am Ex etc.) who participates in the system, (and they are hoping all will participate), and the charges go to whichever card you choose.

with E port you can use NFC

 

[pitzerwm]

Earl, for many years the government influenced by whoever you want to blame, has allowed technology to "happen around the world" either because of lobbying or "so no one gets left behind". Look around the world, they all have stuff that we do not.

 

[Earl Weiss]

Earl, for many years the government influenced by whoever you want to blame, has allowed technology to "happen around the world" either because of lobbying or "so no one gets left behind". Look around the world, they all have stuff that we do not.

I know that the phone pay system was around in other countries for a long time. I thought it was basicaly a single pay system, meaning the phone only used one card. I heard they even had it for vending machines so it would seem transaction costs were low in other countries.

I figured there may have been more behind your "Not smart enough" comment. People whine about how credit card interest and late fees are "Unfair" like someone forces them to use the card or carry an unpaid balance.

I wish the government had figured out that many Americans were not smart enough to get a lot of the mtge loans that were handed out. and prevented it.

 

[mjwalsh]

It would seem that our industry could adopt and benefit from this technology. Great for us because it would not have the equipmenty moisture and muisuse issue of credit card readers in the bay. However, the seeming difficulties with SS credit card instalation and use issues, makes it seem as though our industry will be slow and expensive to adopt.

Who will be the leader in our industry? Time will tell.

Earl & others,

Even people on a tight budget are tending to get smartphones so I think this is something that could be very helpful to the economy in general.

It is certainly an opportunity for Google or whoever to potentially cash in on. Since we are also in the laundromat business & are 90% done before testing our prototype for upgrading our structurally sound laundry equipment --- we are very interested in this potential.

It is not surprising that other countries have adopted this because we do not think that it is "rocket science". The phone would send its unique phone number & pin combination for these smaller transactions like in our industries to the selected gateway. From the gateway processor the choice on the phone software would be to trigger cash equivalent posts to our facility's distribution board. The master distribution board would easily send out the proper pulses to the specific machine. Since there would not be large amounts of cash such as the minimum threshold for ATMs --- security would not be quite as critical like big ticket or cash dispensed transactions.

We could still maintain our bill & coin acceptors --- everybody happy! ---- si --- no?

Since it is just pulses being send out from the phone software directed distribution board I don't believe it would be that difficult from an interface standpoint. I wish someone farther along would contact me at my kingkoin.com website so we could make a provision for this type of ability as we are completing our custom upgrade interface printed circuit boards.

Mike Walsh kingkoin.com

 

[Earl Weiss]

Watching the Google Wallet Launch press conference, there was a great deal of emphasis on encryption and security as well there should be with all the recent info about CC info getting hacked from various networks.

So, while the functionality may not have been "Rocket Science" perhaps assuring security was not quite as simple.

Now, the question is what company can I invest in to cash in on this. The transaction value and Volume is expected to quadruple in a few years.

At first I thought "First Data" becuase they are the leader in clearing Data for this and big overall, but they were taken private in 2007.

It seems NFC chips are made by various players, but I wonder if there is only one or two players now making the chip that does the encryption?

 

[Joe Law]

Investing

Earl,
I would look at investing in Verifone or VIVotech, they are making the readers that will be in every store, gas station, car wash, anywhere you want to accept this type of payment.