There used to be a time when people used to exchange things for the specific things they needed. Next came in currency money, that was easier to manage as well as store. When we trace the history of money, we find that currency first made an appearance around 600 BC, the first coins were minted out of electrum, a mixture of gold and silver, stamped with pictures to differentiate between various denominations.
Currency Notes 
It was not until the 7th century that currency notes first made an appearance, however, they had to wait up until the 11th century to gain widespread acceptance, the first notes were successfully used in China and spread to other parts of the world.
New Wave of Innovation 
Glossy credit and debit cards showed up next, they played a significant role in making our lives easier. A new wave of innovation is sweeping the financial sector at the present time. It is near field communication technology NFC for short, and it spells convenience. Just imagine you walk into a store and are able to pay for all the stuff that you buy in a matter of seconds, simply by tapping your phone on the counter.
Times Are a Changin
Well, times are a changing, so why just restrict yourself to your mobile device, when you can go a step further and pay in a more convenient fashion, simply by using your watch or wristband. Well, this may appear to be a bit futuristic scenario, even for people with bank jobs in India. Some financial institutions have already successfully done the same for their employees and are in the process of rolling it for the masses as well.
Radio-frequency Identification Technology
Essentially NFC is a short-range communications protocol, it employs a wireless link based on RFIT, radio-frequency identification technology and possesses the unique ability to be able to transfer small amounts of data between two devices that are held close to each other.
Subscriber Identification Module
The SIM card in a phone is, in fact, a smart card, it stands for subscriber identification module, its prime function is to enable the network to be able to identify your account, with an NFC phone the very same card acts as a secure element with the ability to hold other apps, like the payment cards and many more.
Final Thoughts
As far as banking is concerned, NFC helps to identify an individual and his or her banking account details to a given computing device. It eliminates the need for loose change or the hassle of standing in long queues. A phone with an NFC chip and an app like Apple pay or google wallet is all you need, just connect to a prepaid account, bank account, credit card , or debit card and reap the benefits of contactless payment solutions on the go, tap it to a POS, Point of Sale Machine and you are good to go.
