If this picture offends, then at least the Feds are successful at one thing...instituting "Political Correctness" |
A Little-Noted Durbin Provision Could Cripple Contactless, Hurt NFC, Experts Say
Apr. 26, 2011
Could a little-noted provision in the Durbin Amendment strangle the nascent U.S. contactless-payments market in its crib? It’s a very real possibility, says a pair of researchers, and the consequences could deal a blow to the prospects for mobile payments that depend on a promising technology called near-field communication (NFC). “I see this as having a chilling effect on NFC,” says Andy Schmidt, research director for global payments at Needham, Mass.-based researcher TowerGroup. “It could short-circuit the value proposition behind millions of dollars of investment [in NFC].”