Your cell phone is so money:
By next year, you’ll be able to pay simply by swiping your cell phone a few inches from a cash register, with a new wireless standard called Near Field Communication. CNN reports.
“An NFC chip in your phone will send your credit-card number — stored on your phone or on the chip — by way of short-distance radio waves.
Unlike radio-frequency identification (RFID) and other existing contactless payment systems, NFC chips allow two-way information exchange by rolling an RF transmitter and reader into one five-millimeter package.
An electronic reader at the checkout will decode the number and ring up your purchase.
You don’t even have to buy a new phone. When it hits stores next spring, the miniSD-card-size adapter from SanDisk can add NFC to any smartphone with a Symbian operating system when it hits stores next spring.
The first pay-by-phone option should roll out later this year, with more applications to follow.”