February 1st, 2011
02:16 AM GMT
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Hong Kong, China (CNN) – Tech analysts in the U.S. are abuzz over predictions that the next generation of smart phones - including Apple's iPhone 5 - will be enabled with so-called cashless technology.

NFC - which stands for Near Field Communication - basically allows two devices to exchange data when they come within a few inches of each other. In Apple's case, it would enable iPhone5 users to simply “wave and pay.”

It's actually not a new technology. Samsung Electronics is already experimenting with NFC in mobile devices in certain markets. And some cities in Asia and Europe have embraced cashless technology for transportation, such as London’s Oyster card, for years.

Here in Hong Kong “wave and pay” has been popular for more than a decade, long enough for it to have become part of daily life.


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