Smartphones may soon replace cash and credit cards as the mobile payment method-of-choice around the world. Just like motorists who pay tolls electronically, consumers the world over may soon be paying on-the-go at any shop, using smartphones or tablets. Mobile devices will be our wallets thanks to a technology called “near field communications”, or NFC. China is expected to lead mobile payments since it already has the largest network of credit cards. Industry analysts predict China’s mobile commerce market will be the world’s largest by 2014—with eight billion dollars’ worth of transactions.
Constantino de Miguel reports from the World Mobile Congress in Barcelona 2013