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How Can I Implement RFID in Mobile Banking?

Posted By RFID Journal, 05.05.2011
Please advise as to how my company might utilize the technology in this field.

—Name withheld

Currently, mobile-banking standards for radio frequency identification are still being created. Near Field Communication (NFC) technology is being included in many new phones, allowing them to read NFC-based RFID transponders. The phones can also emulate an RFID tag. So you could, for instance, download movie tickets to your cell phone, and then simply wave that phone in order to enter the theater.

This creates some exciting mobile payment-opportunities. Imagine being able to read NFC tags on products, and pay for them via your phone. That would allow you to skip checkout lines.

The challenge would be in ensuring a transaction's security. Cell-phone handset providers, telecommunications providers and banks are currently working together to sort out how to make that possible. It's unclear how long that will take, but until the three parties involved in every transaction come up with a unified solution, I believe that most banks will not handle RFID-based financial transactions conducted through cell phones.

The following stories might prove useful to you:

Discover Teaming With Motorola on NFC, Mobile-Banking Trial
Visa and Wells Fargo Testing NFC Payments
Jumping on the NFC Bandwagon
Essentials for Successful NFC Mobile Ecosystems
NFC Phones on Shelves Later This Year

—Mark Roberti, Founder and Editor,
RFID Journal

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