AT&T, Verizon and T-Mobile have announced a joint venture centered around turning your mobile phone into a method of payment, Engadget is reporting. Using so-called Near Field Communication (NFC) technology, the hope is that one day, you will only have to tap your phone on a point of sale kiosk to pay for items. The technology will be deployed with the help of a NFC tech firm called Isis.
The press release claims the system will be available in locations nation-wide in about 18 months. That may seem like quite a wait, but there are currently no widely distributed phones in the US that have the necessary NFC chips built in. There are security concerns to be sure, so we'll all have to keep an eye on this technology as it rolls out.