Hot or Not?
New Smartphone Payment Tech - Near Field Communication
I’m all for smart ways to enhance our personal finances through the use of technology. From online bill pay to automatic deposits to coupon apps and online budgeting tools like Mint and Bundle, technology can help make our financial lives incredibly more efficient.
However I’m a little worried about a new technology that, despite some potential conveniences, could entice us to spend more than we should. It’s called Near Field Communication, or NFC, and it’s a chip that allows you to pay for items directly with your cell phone. It already exists in Japan and will soon be entering the U.S. market.