Mobile Phone Payments

Forget about credit cards, cash or ID. Your smartphone is going to be your wallet very soon. Amazon, Google, Apple, Microsoft and few others are working on the ‘NFC (near field communication) mobile payment technology’ to change the future of payment systems. NFC allows wireless transfer of data over short distances between two devices. This makes it an ideal technology for financial transactions between a phone and/or a device at any store. NFC is still in development phase in the U.S. But in Japan you can pay for almost anything by simply swiping your phone. No need for credit cards, cash or even ID. This year NFC might take off in the U.S., and many companies are working on their own NFC payment solutions.

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