Will Apple be changing the world again?

By Denis Margolin

Denis Margolin, Vice President of Mobile Solutions at DataArt, continues his series of contributed articles for The Digital Banking Club. In this instalment, he discusses iBeacons, Apple’s solution for contactless payments via the smartphone, its contender, NFC, the infrastructure needed for the adoption of both, and the implications for the market.

“In a nutshell, iBeacons is Apple's solution for contactless payments via the smartphone that is also able to provide the interesting indoor mapping option that would, theoretically, be attractive for the brick and mortar stores. Based on Apple's 'game-changer' reputation, or even a disruptor in many markets (digital music, smartphones, tablets, etc.), it is a hope of many that contactless payments will finally take off with Apple at the helm… The current contender for the contactless technology solution is NFC, for near-field communication. This technology is not new, and basically relies on the same principle as ubiquitous RFID labels, which are widely used in the retail industry... Retailers have now two payment systems to choose from, but it doesn't look like there's transparency around the industry standards in this space. Before so much uncertainty, the wisest thing to do will be waiting while the murky waters clear and wait until it becomes obvious who the winner is.”

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