The Atlantic.com featured a great new infographic piece recently that outlined how mobile phones are replacing credit cards. The mobile payments market is growing rapidly with the value of mobile transactions expected to reach $670 billion by 2015.
Square, one of the most talked about electronic payment services created by Jack Dorsey, more famously known for coming up with Twitter, and Jim McKelvey was released just early of 2010.
New contenders in the mobile payments space are starting to make noise including Google Wallet, ISIS, Visa Wallet and Serve by American Express. These names are coming up with features to surpass each other to be the dominant name in the market. This has all been made possible with the use of near field communication (NFC) chips which allows for simple data exchange between two devices simply by physical touch.
All NFC requires is an initiator that generates a radio frequency (RF) field with a four-centimeter range, and a target that picks up the RF field and receives the data sent.