Technology could make wallet obsolete

DALLAS, Dec. 23 (UPI) -- Smart phones could soon take the place of a wallet, containing identification and credit card information, researchers in the United States say.

Some of the largest wireless carriers and handset makers are incorporating near-field communication technology in new products that would let a cell phone make purchases, payments and provide identification, The Dallas Morning News reported.

"This isn't just about payment," said Jaymee Johnson, director of strategic development at T-Mobile USA Inc., based in Bellevue, Wash. "It's fundamentally focused on transforming the ways customers shop, save and pay."

A group of major communications carriers, including T-Mobile, AT&T and Verizon have started a joint venture called "Isis" to standardize and promote near-field communication technology and applications.

The technology would let you wave your phone over a product's paper-thin NFC chip in a price tag, which would display information about the product, download any discount coupons and direct the customer to a Web site for more information, the report said.

NFC requires additional hardware in the cell phone, meaning older phones can't use a software upgrade to implement the capability.

Apple Inc. is said to be implementing NFC technology in the next version of the iPhone.

It might take months before retailers install cash registers with NFC technology but NFC-equipped smart phones are already being produced.

Samsung has released its Android-powered Nexus S smart phone with a built-in NFC reader.