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Near Field Communication is becoming a hot trend across the globe with more and more financial institutions supporting this technology . NFC is giving users easy access to payment processing though the NFC Chip installed in their smart phones like Google Nexus S. NFC has already made its way to US and Europe and this technology has the potential to reach many other industries , from location-based services to ticketing and public transportation .

How it Works :

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NFC is based on radio waves which transmits data across much smaller distances, typically between 4 – 10 centimeters as compared to bluetooth and RFID which have longer transmission capacity . This means your device must be in close proximity of the NFC receiver to be activated and authenticated for the given service. Check out the video below .

One Device for all your Needs  :

nfc-uses

In the near future we will have a single do-it-all device that we can carry around to pay our expenses , use it as a personal id card or virtual ticket , use it to open our door without a key and many other applications.

Google’s News NFC Based Service – Google Wallet :

Google has already introduced their new  NFC based service called Google Wallet few days back in the United States  . This will allow you to save your credit card information on your cell phone . Not just that , you can also store in your gift card and other offer coupons on your smart phone.

google_wallet_vision

You can simply use your NFC enabled device at the time of checkout by taking it near to a PayPass enabled terminal and pay your bill. All your transactions will be secure and you can use this service at over 124,000 PayPass Enabled merchants nationally [US] and more than 311,000 globally . Google has taken this mobile payment technology one step further by adding another feature called SingleTap. This allows users to easily store gift cards & coupons right on the phone .Redeeming gift cards will also be easy, and possible to do with a single tap. Check out the video below :

Check out the Google Fun-Simple Shopping Experience Video :

iPhone 5 and NFC :

Apple has dropped its plans to introduce NFC in its upcoming 5th generation iPhone 5 [4S] version . Apple says this technology is still very new and they are not going to implement it until it’s proven secure and feasible .

Let us know what you thing about this new technology . Are you ready to drop your wallets ?

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