Wallet Meet Phone, Phone Meet Wallet

Cell phones in North America will increasingly be used as wallets as mobile banking technology makes its way here. There are a number of ways that payments can be made, though the one likely to become prominent is NFC (Near Field Communications) technology.

Europe and Asia have had NFC-enabled cell phones for a few years now - where they’re used for small purchases, usually under $10. This includes vending machines, bus fares, movie tickets, and the like.

Such phones have not been as common in North America, but with the introduction of 6,000 NFC vending machines in the United States, that is likely about to change. One prominent manufacturer of such phones is Nokia.