Why Your Smartphone Will Replace Your Wallet
The day when near field communication (NFC) will help replace plastic credit cards, coupons and loyalty program cards with a wave of a phone at a payment terminal has been long anticipated.
Wireless NFC technology enables devices, including mobile phones and payment terminals, to communicate with one another or read special tags. Its short-range signal, convenience and built-in security make NFC an apt choice for mobile payments. Its efficacy persuaded companies like MasterCard, American Express, and Visa to join the NFC Forum in 2004 shortly after it was founded to advance the use of the technology. Today, the possibility that this technology could replace a wallet full of plastic seems not only likely, but imminent.
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