Risk and Disruption - NFC Chip and Cash

You are about to have a new partner.....this new partner is going to take their cut right off the top of every payment made to you right at the point of purchase.

Who is this new partner......well the fight is on for who it will be, but the coming of the new NFC (near field chip) is here, and will be here in waves.

Combatants include, Google, Visa, Banks, Cable Company's, phone companies, mobile phone companies, smart phone makers, apple computers, everyone wants a piece of your cash, they want a percentage and to charge you transaction fees.

The NFC chip is designed as a unique identifier chip that will be tied to  everything from your visa accounts, your debit account, your loyalty card accounts, your anything to do with cash accounts.

All you will need to do to make a payment is to wave your phone near a reader and the payment will be made.....but who gets a transaction fee for that?  The cell phone company, Visa, in Toronto in anticipation of the fees Rogers Cable is applying to open their own bank so they can control all the fees.

Now these locked in phone contracts could really strangle everyone's wallet.   What if one phone company is paired with MasterCard....and another with visa.....and someone wants to buy from you....do you have to carry fees for both?  What if you want them to support your loyalty card....do you pay a fee for that?

The government is way behind on figuring this out..they are ceding the right to sovereign cash over to private companies, so that they get a piece of every bit of business you do.  These are big dollars at play.

If you own a building with a Banking Machine in it.....better start thinking of a new use for that space.   Watch here for more info.