Cosme_Julia-+How+Your+Cell+Phone+Also+Changes+the+Way+You+Shop

The article, "How your cell phone could also change the way you shop" written by Rita Trichur and published in the Toronto Star dated Thursday, October 28th, 2010, describes an emerging technology that can potentially change the face of the payment industry drastically. Emerging technologies, like those developed by companies such as Near Field Communication (NFC), allow for secure data to be passed wirelessly and contactless between two devices over short distances. This technology would allow payments on retail goods to be made via personal cell phones and other electronic devices. The consumer demand is high according to market research and some experts in the industry predict major investments to be made over the next 18 months. This data sharing technology is not without its market entrance challenges and risks. This technology would require the co-operation from networks, banks, mobile carriers, smart phone manufacturers and retailers- not an easily accomplished task. Other risks include security concerns on sensitive information being lost or compromised, and increased processing costs for retailers and small business owners. Despite the challenges and related risks the motivation to find a viable strategy that would allow these payment solutions to be made available to the general public will be large as some experts estimate this technology to be worth $2.2 billion in the US Market.