Paypal shows off NFC mobile payments

All the NFC (Near Field Communications) talk so far has been about paying for goods in shops with the necessary terminal. But Paypal has a more interesting take on the technology, demonstrating a way of transferring cash between friends via your mobile phones.

It's initially an Android system that requires an app and a tap. The company can use that as an ad slogan if it likes, we'll discuss royalties later. Anyway, once you've got the app, enter the amount of money you want to transfer, enter a pin, then tap the phone of the person you want to give the money to. When it vibrates (your phone we mean), that money will drop into the other person's account. How easy is all of that? Check this video to see it work its magic in seconds.

The demonstration was via two Nexus S handsets, so we can assume it's good to go with all NFC-enabled phones that run on Android 2.3. Paypal claims it has 'been looking at NFC technology for a while and we saw a tremendous opportunity to combine the best of NFC and the best of PayPal.' To be fair, it's certainly eye-catching, but whether it's of everyday use perhaps depends on how reliant you are on Paypal to do financial business. All too often, it's not done in person, it's done online.

You can't get the app now, even if you have the right hardware. Late summer is the rumoured launch date.

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