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Near Field Communication (NFC) is a way for two electronic devices to communicate with each other simply by being placed in close proximity (0 to 20cm). The chips able to perform this feat are to be built into mobile phones so a phone can be waved close to another device and be able to share information with it.

The information might be a train timetable, news bulletin, music download or anything else a mobile phone can handle, including financial data. Trials are already underway with Nokia phones equipped with NFC chips and MasterCard PayPass capabilities, in which users are able to pay for goods simply by waving their phone in front of a suitably equipped checkout.

If the system takes off, mobile phones will effectively become digital wallets, enabling shoppers to leave their cash and cards at home, and greatly speed up many everyday transactions.