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Published on June 10th, 2013 | by John I.

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A Future Where Phones Can Replace Money

Tired to stay in long queues to pay for an invoice? Are you on the verge of a nervous breakdown when the only map you have available does not help you reach your destination? How many times have you been annoyed because the machine has rejected your crumpled bill? Do you want a solution to avoid queues to easily pay your parking or to get useful information on transportation? Well, NFC (Near Field Communication) seems to be the solution to all these problems.

Becoming more accessible all around the world thanks to smartphones, RIM’s technology for mobile payments allows users, among other things, to complete digital transactions, exchange digital content and interconnect electronic equipment. Another benefit is the number of different developed advanced mobile analytics apps with real time payment tracking and stat platforms. A simple contact with the tag (label) NFC is sufficient, for example, to make payments for goods and services.

The first physical mobile payment in the world took place in 2008, when customers got the possibility to make payments with Maestro PayPass Prepaid without the need for a signature or receipt. Currently, Orange and BRD test NFC technology in order to make mobile payments at any of the more than 10,000 POS terminals installed in different European locations, as well as to convince domestic and foreign retailers to accept virtual payments by MasterCard PayPass.

The technology developed by RIM has many practical uses. For instance, theater lovers can buy tickets using their mobile phones, pay for soft drinks, purchase goods, but can also learn more about a certain product or service. In schools, where this revolutionary technology has been first implemented, students have access to information about school curriculum – time, homework, quizzes, contests, events. Customers of pubs in the UK can learn about the products they consume through contact with the NFC label on their mobile phones.

Gaming enthusiasts can also enjoy the innovation brought by NFC, since this way games become more interactive and dynamic. For example, the Intralot company has developed an innovative Tap’N’Play solution that allows the player to access traditional lottery games, but also latest generation bingo thanks to the embedded NFC system. Tap’N’Play reduce dependence on paper lotteries, as well as the impact on price reductions, and allows players non-stop access to their favorite games regardless of their current location.

Although currently not all smartphone and tablet manufacturers have implemented NFC technology, this technology’s potential is huge in the near future, as it expected to be adopted by all the major players in the commerce market. Time will show how well the retailers fructify this extraordinary opportunity to connect the real world to the virtual one.

Her is a video that relates todays technology with your plastic money



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