US Bank has chosen Salt Lake City and Portland as test sites for an iPhone case that turns the handset into a contactless payments device.
I am continually baffled by these people with fancy titles like Chief Innovations Officer who announce the deployment of "gimmicks" and say they are wonderful new technology breakthroughs, and oh yes... Secure.
Rubbish. NFC is not secure in it's present form. And tell me, what prevents someone else using my phone to "Pay and Run" ?
Just like what prevents someone else from taking my pay and go or wave and (all the same nonsense) and running rampant around town ?
The Banks preach security, however there is no consumer safety nor security in being able to wave a card or phone without any authentication mechanism. Encrypting a transaction is not security. It is just encrypting data that can come from anywhere and anyone.
It is just a Banking rort.
Mr Chief Innovations Officer, how about being innovative and doing something that actualy provides consumer security.
While I understand where you're coming from Andrew, the reality is that all the current mobile "pilots" and "trials" are aimed at improving security and acceptance… the secure element either build in on a mobile or on an sd card further enhances security.
There are cost reduction implications for the Banks, there are data mining implications for the Telcos,(not to mention Retailer Loyalty programs)… Then you have the schemes Zero liability…and you have the perfect ‘disruptive technology’ at large!
What has made all of this possible is the roll out of contactless readers! The stage is set..
CompetitiveNew York City, NY
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