It’s been only a few weeks since the iPhone 5 was released and there are already rumors about possible technology that Apple might adopt in the future. While most people are only just getting used to the fact that the iPhone doesn’t have NFC, speculation is mounting that Apple is looking to an Australian firm to purchase the needed technology for implementing fingerprint recognition as a security measure for NFC payments.
A recent report in The Australian reveals that a biosecurity firm, Microlatch, is reportedly in discussions with Apple to license its fingerprint technology for future versions of the iPhone. The technology runs on a patented fingerprint recognition system that is capable of working without using any processing or storage resources, which means that it fits in with the global standards for banking security and can be used alongside effective NFC payments for an optimized virtual or digital wallet. The news comes from one of the leading investors of Microlatch, David Murray, who was also formerly the head of the Commonwealth Bank of Australia.
Though the news is currently speculative, it goes in tune with Apple’s recent acquisition of Authentec, a mobile security firm, for $356 million. Combine these developments and it paints a picture that Apple is getting its iPhone devices ready for NFC payments in the future. Moreover, if the company lays heavy emphasis on security, it will definitely go down well with the business world. The existing skepticism surrounding mobile payments through NFC was regarding how secure the transactions would be, and with biometric security it could well become the norm soon enough. It is unclear when the technology will feature on the iPhone but the next version of the phone should be featuring it.
NFC technology is currently on the rise as it is being included in various smartphones and other devices. The iPhone’s largest competitor, the Galaxy SIII from Samsung, already supports it and vendors and merchants at point of sale locations are becoming increasingly aware of it as a solution to conventional payment methods. Not only are the rentals for using the technology cheaper but they appear to be more flexible to the users. Experts believe that it has immense potential to become the standard for payments given its convenience for customers as well.
