Behind Apple's NFC snub

Apple will bide its time before it enters the payments business aggressively and take a similar approach to what it did with 4G LTE , waiting until coverage was wide enough before diving in.

EBay Inc chief executive John Donahoe often quotes a merchant saying NFC stands for "Not For Commerce" - and dismisses the prospects of Near Field Communication technology used to turn cellphones into mobile wallets. He got some support this week from Apple Inc, which did not embed NFC chips into the iPhone 5.

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