Understanding the Mobile Wallet: 3 Things Retailers Must Know

2. Near Field Communications (NFC) are a key piece to solving the mobile wallet puzzle. For mobile wallets to take off, handsets must be equipped with NFC chips that support purchases. NFC enable the transfer of information in a wireless transaction rather than a physical interaction like exchanging cash or swiping a credit card. NFC can speed up the checkout process by allowing consumers to conveniently wave their phones at NFC readers.