As smartphone vendors and mobile operators shift their strategies to incorporate wireless payment technologies into mobile phones, consumers will soon be able to drop their wallet and carry every piece of important payment information on their handset.
NFC is already starting to be built into a range of Android smartphones, RIM and Nokia have committed to the technology and Apple is reportedly adding the contactless technology to its new iOS devices. GPlus has created an infographic detailing how NFC will replace our wallets and shows how companies are set to revolutionise the way we shop.
This infographic is focused mainly in the US, and it should be very interesting to see if Google Wallets would add more credit cards, and what ISIS has really planned as it gains support from all the major carriers.
Security has to evolve, new types of fraud and nfc sniffing will arise, and along with mobile merchant payments – we should keep a close eye on peer to peer money transfer that will enable the second market and shadow economies.