Stuff’s gonna get real. Soon.
NFC and EMV. Get to know these to acronyms. They will effect you in 2013.
NFC: Near Field Communications
EMV: Europay, MasterCard and VISA
Here is what’s coming by the end of 2012 to a store near you:
Most likely once your current credit card expires, your replacement will have both the magnetic strip on the back as well as a Near Field Communications NFC chip on it. You may already own a card with this on it.
What will this chip do? It will allow you to use your credit card at stores without having to swipe your card.
Visa is leading the charge to make this happen. It is already wide-spread in Europe with it’s EMV standard. And they are incentivising all merchants to upgrade their current craptastic card readers with new Near Field Communications abilities.
Yes, the new credit card readers coming to Wally World and Target will be capable of charging or debiting your account without even touching your card.
Any of this getting a little creepsy?
And that part about your money being able to track you? It will by way of your smartphone that is. Because the REAL purpose of proximity or near field card readers is to allow you to use your phone as your digit wallet. Your next smartphone may be capable of NFC payments with the download of an app. Many iPhone 5 rumors suggest this is coming.
You can quickly see how irrelevant credit cards will soon become.
And your cash currency?
Better hold on to some of it. It could be worth something someday.