"Mobile wallet can be done at least five years away, but with the use of NFC features can be accelerated in two to three years," said the informant.
Just to get to the online payment feature that will be required specifications of the standard, both in terms of technology and the readiness of the device. Additionally, operators, banks, credit card companies and related industries should discuss the readiness of the technology as a tool for online payments.
Two years from now, the smartphone can be used as a means of payment without using cash (digital pocket). This is thanks to features Near Field Communication (NFC) on mobile phones which allows simplification of transactions, data exchange, and connections with just a touch.
This feature will run like a credit card or debit card is just swiping the machine reader. Automatically, the money will be cut off in pulses corresponding to the number of transactions performed.
NFC feature was originally used by ISIS, a joint venture between AT & T, T-Mobile, and Verizon Wireless. The company, which was launched on 16 November 2010 that handles the mobile payment system. On July 19, 2011, ISIS has formed a partnership with Visa, Mastercard, Discover, and American Express.
Slowly, mobile phone vendors are also getting interested to adopt the system. As a result, HTC, Samsung, Blackberry and Nokia also incorporate the technology into some smart phones.
