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March 16, 2012

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D Mcgee

Good piece Chris. I agree with you that contactless and NFC probably doesn't have a future, since its really superfluous.

The amazing thing, though, is how its possible that these banks poured all this money into technology that is so insecure, that you can hack it more easily than ever before, getting people's credit card info with open source technology that costs nothing online.

I think the whole point of NFC and contactless was to allow the banks to maintain control over transaction networks by repurposing their POS's, to avoid having to confront real innovation or disruption. It was a clever trick, but I think consumers are showing they don't care about the slight convenience, I think they're more interested in real innovation, which we'll now see and the banks may not be able to prevent anymore.

Will Judge

Bullshit. I watched the Square video - talk about pre-meditated. How many people in the real world live life at the pace that allows you to sort all that stuff out before walking into the store? It might have a niche market among young lovers and OAPs but for the rest of us this is bunk. Contactless is the fastest secure way to pay a stranger. And that's why it makes sense.

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