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  (Source: thegadgetguycolumn.com)
Testing will take place in Google stores in New York and San Francisco

Within four months time, customers will be allowed to ring up purchases using their phones at stores in both New York and San Francisco. 

Near field communication, or NFC technology, is short-range wireless technology that consists of an initiator and a target. It allows mobile device users to use their cell phones to ring up purchases at a register, eliminating the need for cash or credit cards. It works by tapping the mobile device at a register, and the NFC chip, which holds the user's financial account information, interacts with a device at the register allowing for payment. 

While many phones are just now adopting this new technology, some are already using it. Google already has a head start with Samsung's Nexus S phone, which uses NFC technology for transactions. Also, Nokia has noted that it plans to release NFC phones in the future as well. In addition, AT&T, Verizon Wireless and T-Mobile will be using the ISIS system, which allows for mobile payments through Discover Financial Services. 

Google released Android 2.3.3 with new NFC capabilities, allowing user's to exchange payments wirelessly and perform other transactions such as paying for transportation. 

Now, Google is looking to test a mobile payment service on its phones in San Francisco and New York stores within the next four months. Google plans to pay VeriFone Systems Inc. to install thousands of cash register systems made specifically for the use of NFC technology. Google's new service may group a user's financial information, coupons, gift card balances, etc. all on one NFC chip. 

While Google, which is undoubtedly one of the leaders in the smartphone business with its Android operating system, continues to experiment with NFC, other smartphone leaders seem to be a bit behind. Apple reportedly has said that it would not add NFC to the upcoming iPhone 5 because the company is concerned with the fact that there are no clear industry standards associated with the technology yet. According to some reports, Apple could actually benefit from NFC technology because it could be grouped into the app store, and could also save on credit card processing fees that it pays now for music and app purchases. 



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By Creig on 3/15/2011 10:46:36 AM , Rating: 2
is it really that difficult to swipe a credit card?




By Kane on 3/15/2011 10:54:13 AM , Rating: 4
Is it really that hard to pay cash?
Silver pieces?
Goats?


By FITCamaro on 3/15/2011 12:54:04 PM , Rating: 2
Goats would be interesting....


By jharper12 on 3/15/2011 10:56:48 AM , Rating: 2
Bigger picture bud... applications that can maximize cash back, by selecting proper credit card for each vendor. Tracking expenses for reports = no more expense reports. Instant credit limit feedback. So many amazing things could be done with this technology that would make our financial lives much better. Can't wait for this technology.

Not to mention that I'll be able to drop five cards from my wallet once this is widespread. That would be amazing!


By torpor on 3/15/2011 11:20:45 AM , Rating: 2
No...the payment companies are trying to make it more difficult and more expensive to falsify the card.

Mag stripe is defeated. Most major card issuers are looking to chip-based solutions, mostly focused on this particular tech.

It's better security (post-read, still not personally sold on ranged-read tech), but if it's not easier people won't adopt it.


"And boy have we patented it!" -- Steve Jobs, Macworld 2007














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