The Tech Bet

Ready to ditch the wallet for a smartphone?

Christina Medici Scolaro
Tech Yeah! Calling all digital wallets
Tech Yeah! Calling all digital wallets

Near Field Communication is hoping consumers ditch their wallets and use their smartphones to pay for things instead. The company makes a technology chip that can store credit card and store rewards information. Short-range radio transmissions can transfer data between two devices that are within centimeters of each other.

Richard Newstead | Getty Images

But is the timing off for Near Field? Recent online security bugs, such as Heartbleed, are still on the front of a lot of consumers minds. "So far, consumers have not shown a lot of interest, because you can do a lot of this stuff today on Android phones with NFC. Google was one of the first with Google Wallet and Sprint and that sort of fizzled as an experiment," said Mark Spoonauer, editor-in-chief at Laptop Magazine.

Next to throw their hat into the NFC ring, Apple. Reportedly, Apple may be gearing up to incorporate the technology in to the iPhone 6.

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This comes as somewhat of a surprise to Spoonauer. "Apple tends to go its own way when it comes to technologies," Spoonauer said.

He added, "But there are some signs that they could support something like this because Passbook today, so if I go in to a Walgreens all I have to do is turn on my phone my little rewards card will be right there, the next step will be how do I use my phone for making that transaction too?"

—By CNBC's Christina Medici Scolaro.