The next phase in mobile technology is the Near Field Communications (NFC) system. According to Google CEO, Eric Schmidt, NFC capabilites will allow developers to build mobile devices that can accept “credit card like” payments. This sounds awesome! But of course with new technology there will be a few short-comings. Sounds interesting enough though.

Via Businessweek – – Google joins a slew of companies that want in on the NFC market, which may account for a third of the $1.13 trillion in global mobile-payment transactions projected for 2014, according to IE Market Research. In November, Verizon Wireless, AT&T (T), and T-Mobile USA formed a venture called Isis to offer an NFC-based service in 2012. Visa (V) is testing contactless payments and planning to roll them out commercially in mid-2011, says Bill Gajda, Visa’s head of mobile innovation.

Before this reaches full fruition, first the major credit and banking institutions will have to buy along with the idea. Then massive marketing projects will need to be implemented. Most individuals with iPhones, which will probably be the first mobile device to add this feature, will love the idea. Apps are the “it” thing now. So the more banks to sign on, the more devices will carry it and the more people will be willing to use the feature. But with financially driven item, security will be the biggest concern. Hopefully, additional security features will be a priority as well.

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