NFC or Near Field Communication, is a method that allows one to use their cell smart phone device to exchange funds or information with other devices that are so equipped. You can exchange data and connections to a reader that is close ( e.g. near field). It is used, or going to be used as a system for making payments by smartphone. Many smartphones, like that Nexus S, already have embedded NFC chips that can send encrypted data a short distance to the reader. People can have their credit card information stored in their NFC smartphones and will be able to pay for purchases by tapping them on the reader instead of using their credit card. Nexus One does not have an NFC chip embedded.
