Connected World Magazine

Tap to Pay with a Mobile Wallet

November 28, 2011

The idea of a mobile wallet has captured the attention of a variety of companies, including credit card providers, network operators, and major tech firms like Google and Apple. Mobile wallets have also been closely tied with the idea of NFC (near-field communication). This technology would allow people to pay for items merely by moving their phone close enough to a reader to transmit information.

According to Parks Associates, www.parksassociates.com, NFC will become standard on smartphones during the coming years. The analyst firm says almost 50% of U.S. smartphone owners find an NFC-enabled mobile wallet application appealing. Additionally, 16% of smartphone owners already use PayPal or other types of ewallet solutions as their preferred method for mobile payments.

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