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What Good Is A Physical Currency When You Have Near Field Communication?

Mercator Advisory Group has released a new report examining how smart phones, NFC and biometrics will “transform” the world of payments and Web authentication. According to the report, “Authentication at the Edge: NFC, Smart phones, and a New Model for Payments Confidence,” NFC-equipped smart phones will enable Americans to utilize new security features, such as PIN entry to particular applications, fingerprint reading and more. Additionally, NFC smart phones will provide new security and fraud mitigation possibilities for payment account holders, financial institutions, government, merchants and other enterprises, says MAG. The new report also examines the potential of smart phones in security applications as they evolve to include hardware-based security through NFC and biometric applications. George Peabody, Director of Emerging Technologies Advisory Service at Mercator, comments: “Authentication is the heart of payments and online security. Smart phones with hardware-based security capability, especially via NFC and fingerprint readers, will give consumers, enterprise users, and the government unprecedented control over their payment and security interactions.” Companies mentioned in this 29-page report include: Broadcom, Apple, Isis, AT&T, Verizon Wireless, T-Mobile, Discover, Barclaycard, Gemalto, Giesecke & Devrient, AisleBuyer, Facebook, Amazon, Google, SK Telecom, First Data, CASSIS International, TSYS, Visa, MasterCard, Discover, Microsoft, Prime Sense, Omnicom, Barbarian Group, Cheil Worldwide), and Razorfish, Publicis, ID-U Biometrics, Disney, Blue Planet Apps, Bank of America, and INSIDE Secur

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