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Photos: Accenture waves goodbye to the wallet

NFC tech the future of payments

Tags: nfc, mobile phone, rfid, bank

By Nick Heath

Published: 31 January 2008 11:18 GMT

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The technology works by putting an NFC reader and transmitter into a phone that can be linked to a bank, loyalty card system or travel account such as Oyster cards. The phone can then be swiped in front of an NFC reader or another NFC equipped phone, as shown above, to transfer money or credit.

The phones can also be used to check receipts, balances and transfers, as well to authorise remote transactions, and is compatible with existing banking systems.

Photo credit: Nick Heath

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