Seattle’s TechFlash today has published a report on a new application that transforms your iPhone into a credit card terminal, so you can use the device to take customer payments. We’ve been speculating at the iPhone becoming a future digital wallet for a while, and think the new software marks a point at which such dreams have taken a stride closer to reality.
Like it or not, the notion of a so-called “cashless society” is only a few implementations shy of reality – and we’d bet (which means we don’t know for sure) that future mobile phones – including the iPhone (future version) – will eventually carry RFID chips (or an equivalent technology) to help ensure your identity when making any kind of payment.
There’s been signs of this before, with banks introducing various account management applications for the iPhone. While these stop short at use of these devices as a payment or debit card at least one major force in the banking industry payment solutions world is working on a solution that does just that.