NFC or near-field communication seems to be the next big component in the evolution of mobile devices. Users can store various financial information on their tablet computers and smartphones - and only need to tap their device at store registers for instant purchasing.
At present, not all platforms offer NFC support - the latest is Google's Android 4.0 Ice Cream Sandwich operating system. And with Moneto, which is the "world's first commercially available payment solution for mobile phones," NFC transactions can be done.
Moneto is the latest service introduced by DeviceFidelity along with Spring Card Systems. It uses a MicroSD card to transform any smartphone into an NFC compatible device, reports Forbes.
Moneto allows iPhone and Android users a convenient and comfortable way to make payments even when on the move. iOS users need to follow a few simple steps like inserting a specific microSD card and then installing the moneto app to activate the chip.
Through the Moneto app, users can check their account balance, see various transaction histories and also prepare daily in-store purchases via a "tap on the iPhone at the PayPass enabled contract-less payments reader at point of sale," reports Tom's Guide.