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New Smartphone Payment Tech - Near Field Communication

submitted on January 29, 2011 by pablos17 in "Products / Gadgets"
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.


Read more:
http://moneywatch.bnet.com/sav.....anner-news
        

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  • 100531
    CouponNut
    deity
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    Posted by CouponNut on January 29, 2011
    [reply] 4 0
    Paying by phone may make you spend more $$ and if you lose your phone its like losing your wallet.
  • 100672
    2kidsnuts
    professor
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    Posted by 2kidsnuts on January 29, 2011
    [reply] 3 0
    Just like useing a credit card, you don't realize what you have spent till the bill comes.
      100676
    • CouponNut
      deity
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      Posted by CouponNut on January 29, 2011
      [reply] 3 0
      Agree! You would would forget what you bought & how much you spent!
  • 100924
    CouponNut
    deity
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    Posted by CouponNut on January 30, 2011
    [reply] 1 0
    The chip can be switched out, who knows, by one of your friends, since the smartphone seems to be "hotstuff"!

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