You have probably seen the Bump app on iPhone that lets you just bump your phones and transfer data / songs. Well, how about transferring money in a similar fashion? This summer you would be able to get such capabilities on your NFC enabled smartphones. The term, ‘NFC’, which has been, promising the next wave of innovations in the mobile space is fast catching up. Google is pushing it hard, and Samsung already has multiple smartphones with NFC hardware in it. A demo by PayPal shows how you can make payments phone – to – phone using NFC. The process is as simple as entering an amount and holding your phones together. A security pin later, the email confirmation of amount transfered is shot via email.
While, in case of PayPal, the value add by NFC is minimal as a simple email id input on the screen can send the money, but NFC has great potential to replace your debit and credit cards. That’s what PayPal and Google are aiming for.