The technology will use NFC, which will allow payments to be made via a tap or wave of your smartphone in front of electronic scanners in stores.
"Isis," the rival joint venture from the other carriers will likely not go live until 2012.
Says Sprint:
We intend to make this an open solution where consumers can use their phone in a variety of physical locations.Because we’re allowing other brands and other institutions to participate, they can also tell their consumers that this is available on Sprint.
Differentiating itself from Isis, which will take a percentage on each transaction, Sprint will use a revenue share from sales of coupons and ads sent to customer's handsets.
The biggest problem with NFC so far is lack of merchant acceptance. There are only 150,000 locations with NFC readers while there are 6 million locations with traditional credit card support.
NFC-enabled phones will grow to 70 million shipped in 2012, says ABI Research.
Written by: Andre Yoskowitz @ 6 Apr 2011 0:43
