Consumers who were looking forward to using their iPhone to take on credit card debt will have to wait another year at least for the new technology.
Details from analysts at Bernstein Research apparently confirm that the latest version of Apple’s wildly popular smartphone – rumored to be called the iPhone 4S – will not include near-field communication technology, according to a report from the tech news site CNET. This all but rules out the handset allowing consumers to load credit or debit card payment information onto the device for use in making purchases.
Rumors of the new iPhone not supporting NFC technology – as its major competitor, the Droid smartphone operating system, does – have been circulating in earnest since March, the report said. Several major publications had previously run conflicting reports on whether Apple could integrate such a system effectively.
Industry experts say that the mobile credit card payment industry is expected to be worth as much as $44 billion by 2015, as more consumers embrace using their smartphone to make purchases in lieu of traditional credit cards.