TMCnet Feature

Several companies such as Google (News - Alert) and Visa have been making very hefty and generous investments in Near Field Communication (NFC) technology. It might seem like an ordinary leap, but many people see this as the prelude to an era that, beginning this year, will herald the quick arrival of digital and mobile wallets. Many people have been waiting for this opportunity, and we're about to tell you why.

According to Currencies Direct, a company composed of currency exchange experts, it seems that NFC technology could be put to good use in foreign currency exchange transactions, making payments abroad process much more quickly than the conventional system in place today. Many customers that send or receive payments often go through many troubles as transactions have to go through several gateways to transfer from bank to bank in different currencies. Digital wallets, they say, will make this whole mumble jumble go away. Funds could go through almost instantly, without having to get lost in a pile of senseless red tape.

The digital wallet technology, often called eWallets, currently lets customers like you place your data and personal stuff into one single card, so you don't have to walk around with a bloated wallet that makes an ever-dreaded bulge that makes you awkward in public situations. That means you can just pull out all your credit and debit cards, feed them to your dog, and just use your eWallet. Digital wallets allow you to take advantage of NFC to make any transaction you want.

Nobody's really been taking into consideration the possibility of making a foreign exchange transaction with an eWallet, though. It's not even been in the back of people's heads. In fact, many people didn't even stop once to think about the possibility of giving a digital wallet the ability to check currency values for you.

At this moment, everyone's using the old telegraph banking system which, mind you, is very secure and financially sound. The telegraph system takes advantage of electronic signals that assign values to an account and transfer funds from another account, usually within a day. Currencies Direct thinks that its own telegraphic transfer system can compete with the current one, converting money to the beneficiary's national currency before the transaction even takes place. This allows funds to reach the beneficiary more quickly than it would with the dinosaur-era telegraphic system.

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