If it works the same way it does here in Japan (where NFC payments have been huge for a couple of years now), no pin is required. You charge the NFC device at a cash register or dedicated "e-money" machine, and you can then pay at any compatible outlet just by swiping. The balance isn't linked to any bank accounts or credit card information (by default), although you can subscribe to a system that auto-charges to a certain balance using your credit card once your balance drops below X.
Let's see... 4 posts, 3 fanboy waste of space comments. I wish Tom's would suspend you idiots every single time you made a worthless comments. Thanks for continuing to ruin the comments section with your garbage.
I do not like this whole cell phone based payment setup. Id rather we leapfrog it and go straight to thumbprint or DNA based banking. Just put your thumb on the button and it withdraws the money from your checking.
I want to escape Apple's grasp of the mobile market and be able to switch to a cheaper carrier/phone, but with Apple continuously creating new must-have eco-systems, like iTunes, the App store and now possibly this NFC system -- I feel like leaving Apple is growing impossible. Eventually Apple will enslave us all. O mighty Google, please save us before it is too late.
Isn't NFC the stuff they put on credit cards? If so that crap doesn't work as reliably as swiping the card. Don't get my wrong I'm all for that kind of tech but i had a wells fargo debit card and everytime I went to jack in the box i tried to use the NFC and after 3 tries the guy would take it from me and just swipe it. So my experiance with this thec has been poor. Also I've noticed that all my wellsfargo cards no long have the NFC in them.(that when i got new cards after the onld ones expired.)
Oh one more thing. Can you imagine people in the mcdonalds drive through handing some highschool dropout their 400$ Iphone 5 or 700$ Ipad2 to pay for a cheesburger? I mean seriously how practical is it to use a super expensive device to pay for your fast food or groceries? "yes give me one sec to get my Iphone 5 out so I can slide its brittle gorrilla glass screen accross your grimey card reader." Thats sounds like a great idea!!! (Sarcasum)
Is this even a good idea ? From a security standpoint. I remember an incident where Apple approved a flashlight app that could tether internet access to your computer.
Imagine something similar but for your "swipe" financial information. Not a pretty picture, is it ? If that information is sent over the internet and the hacker(s) manage to use it with another phone/device, I bet it will be a fun little experiment. Remember, iTunes apps are approved by people. And human error is the best variable to take advantage of.
i love this site but the comments lead me to believe that most of the readers think that their tech knowledge makes them better than everyone else. Just because you can leave snide comments does not make you smart.