The iPhone 5 doesn't feature an NFC chip because it isn't clear NFC solves any existing problem,...

|By:, SA News Editor

The iPhone 5 doesn't feature an NFC chip because it isn't clear NFC solves any existing problem, says Apple (AAPL +1.4%) VP Phil Schiller. Others have made similar arguments, as Square's card readers become ubiquitous and NFC-based Google Wallet sputters. Also, Schiller claims Apple is cool to wireless charging because it doesn't remove the need for a wall charger, and USB connections are more flexible. Early NFC chip leader NXP (NXPI) won't be happy to hear Schiller's remarks. (more)