NFC mobile payment is expected to begin replacing cash wallets starting in 2011, according to Sarah Clark’s “The Road to Commercial Deployment.”
In her report, Clark predicts that in the next two years banks and mobile network providers will go head to head in a bidding war to control mobile payment, thereby driving the industry.
The UK, France, United Arab Emirates, Singapore, Taiwan and Korea are expected to be the first to get the new technology on a large scale, with the US, Canada, Spain, Germany, Italy, Norway, the Czech Republic, Romania and Australia close behind.
According to the report, the arrival of NFC will affect businesses ranging from retail and travel to fast food, consumer goods, tourism and entertainment, as well as governments and education providers.
Social networking will also be revolutionized by NFC. Users can add friends online or exchange contact information by simply tapping their phones together, or update their Facebook status by passing their phone in front of an interactive poster.
NFC providers are also getting smarter about security. If a phone is lost or stolen, the owner can instantly lock all payment services and transfer them to a new phone.
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