Will NFC spell the end of the credit card?

By Mozo ·

Australians could see credit cards go the way of the humble cheque book if near field communication (NFC) takes off and more people start paying for goods and services with their phones.

According to credit card provider Visa Australia and New Zealand, the number of transactions being carried out via mobile phones is on the rise and NFC is proving "disruptive" to traditional payment methods.

Speaking to Computerworld, Ben Pfisterer, Visa's director of innovation and emerging products, said that an end to plastic payment cards is in sight for the first time, but it will be some years before they become obsolete.

"Obviously, that will take years to happen, but we really feel that there's no need for plastic anymore with NFC because it will be more secure in the phone," Mr Pfisterer told the news provider.

Recently, high street retailer Coles announced that it would be trialling contactless payment at its stores from February next year, with a view to rolling out the technology across all its outlets in July.

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