Mobile phones to become e-wallets and store banking and personal details.

Research In Motion, makers of BlackBerry, has teamed up with Spanish telecom company Telefonica to turn mobile phones into electronic wallets. These e-wallet smartphones will be embedded with a near-field communications (NFC) chip that would store the user’s banking and personal details – making it redundant to carry ID cards, cash or credit cards.

A lot of stores and restaurants are embracing the NFC trend where customers can simply pay by tapping their mobile phones on specially designed surfaces, making the payment process more convenient and seamless.

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