Coming This Christmas: Pay ByI-Pod

SAN FRANCISCO - (09/27/05) – In the latest entry into thepayments market, Apple is expected to introduce an I-Pod forChristmas that will have the capacity to be a cell phone, providevideo on demand, and even serve as a payments mechanism. The newI-Pod will join the pay-by-touch of biometrics and the cell phoneitself which are expected to revolutionize the payments systemsover the next couple of years. The new I-Pod will have an RFI, orRadio Frequency Identity chip in it, the same kind of device thatis used in contactless payment cards, according to MarkSieverwright, senior vice president, payments systems, for Fiserv.“It’s not only a payment device, it’s an onlinebanking tool,” Sieverwright explained at CUNA’s annualFuture Forum Monday. The RFI I-Pod is one of several emergingpayments mechanisms introduced by Seiverwright, who also explainedthat portable Play Station electronic games, cell phones, and evencommon wristwatches are being equipped with RFI devices that givethem payment capabilities on par with the ubiquitous credit cardsand debit cards of today.