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Cash 'replaced by eMoney from 2011'
18 Jan 2010

Traditional methods of paying for goods, such as cash and credit cards, will be replaced by mobile phone eMoney from 2011 onwards, according to a new report.

NFC: The Road to Commercial Deployment states that the introduction of this new technology will mean that consumers with mobile phones that are near field communications-enabled will be able to swipe their phone through a chip reader to pay for goods, access travel information or even pay bills.

Sarah Clark, author of the report, says: "No more rummaging around for the right change, card, keys or paperwork and no more texting your location to your friends - with NFC everything can be handled by your mobile device." 

Mobile phone eMoney will also speed up the daily commute for many workers as they will be able to pay for their journey using swipe and go technology. 

Global consultancy firm Frost and Sullivan recently predicted that mobile electronic money payments will become more mainstream in 2011.