Qualcomm Adds M-Wallet Technology to Chips

Although mobile payment technology is already available in Japan, swiping your mobile phone at a transit turnstile or ticket window came closer to ordinary life for other parts of the world as San Diego-based Qualcomm adds Near Field Communication (NFC) technology to some of its chips.

According to Qualcomm, NFC technology enables a contactless data exchange that's quick and secure when the devices' proximity is within close range.

"NFC technology holds great potential for changing the way mobile devices are used," said Mike Concannon, senior vice president of product management for Qualcomm CDMA Technologies, in a statement.