Electronic wallets (eWallets) may render obsolete both cash and credit cards as banks and mobile network operators prepare to unveil near-field communications (NFC) technologies this year. By this time next year, NFC-enabled smartphones will be widely available to act as eWallets that can make point-of-sale payments worldwide. Electronic wallet capabilities are based on near-field communication (NFC) technologies, which only authorize bank transfers from the user's account to a vendor when performed at the point-of-sale, as opposed to traditional bank transfers which are independent of location.
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