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by bobberkarl
1587 days ago
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This is not true! Sorry for the passion but i was involved in the mobile payment scene at the time. It was not the banks halting the development of mobile payment.
It was:
1- Apple
2- MNOs (Mobile Network Operators)
3- Samsung Apple closed off the iphone NFC api which dried up VC funding in the mobile payment scene. This is one of the reason we have QR Codes everywhere today, and not NFC tags. To securely process mobile payment, you needed to have a secure enclave (SE) on the phone which would keep encryption keys safely. At the time, the MNOs wanted that secure enclave to be the SIM card, so they could control that space. Google retaliated by cutting some circuitry between the SIM Card and the phone: the SWI lines. Banks were charging north of a million $ to embed applications in the SIM Cards, and were charging you the same for any update. Apple at the time started charging 4 million $ as a deposit to acquire a special nfc permission (walmart and starbucks had one) to emulate a credit card. Samsung was the worst. They were already embedding a Secure element in their phones without giving access to it. They started 2 or 3 years ago giving access to 3rd partys. |
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Yep, this was my experience as well, working in the NFC space at the time. Apple also basically forced the whole IoT space to start focusing on QR codes instead of NFC tags, because they were lagging technologically with the iPhone.