Society 2 Assignment Example | Topics and Well Written Essays - 2000 words

Society 2 - Assignment Example It has made some unexpected communication processes possible and quicker at the same time. The purpose of this essay is to discuss and analyze NFC and mobile payment technology. Moreover, this paper will also discuss the societal and cultural impacts of NFC and Mobile payment technology. Figure 1: Life with NFC technology (Rackley, 2011) Understanding the New Trends; NFC and Mobile Payments: Saving time and labor, these new shifts in communication technology have helped the mankind in every possible way. However, it has set new trends in this world as well. Processes, which used to take weeks and months, are now just a click and touch away. Near Field Communication generally known as NFC is a kind of application or a standardized setting in the smart phones and all other similar devices such as tablets, iPads etc. The basic purpose of NFC is to set up a radio communication between smart phones or others devices by bringing them in touch with each other or at least in close immediacy depending on the requirements of the device. Once the connection has been established, a lot of tasks can be performed through it, such as contactless transactions, exchange of data / information, or a set up of multifaceted communications e.g. Wi-Fi. The communication can also be established between a NFC device and a powered off NFC chip (tag) (Coskun, Ok, & Ozdenizci, 2011). Figure 2: Image showing the working of NFC (Coskun, Ok, & Ozdenizci, 2011). With the growing technology, the payment methods are also made easy and simplified. All kinds of payments from utility to the bank and other financial payments are now on your fingertips. Mobile payment is a term which is used for the payments of different things through the smart phones. It is also known as mobile money, mobile money transfer or mobile wallet. It was a long time back when people used to carry bundles of cash and brief cases with them in order to make payments. With this technology this technique has almost diminished . At present a majority of people prefer paying through their mobiles for a variety of services. Instead of paying cash or cheque, they use their phones (Saylor, 2013). Trends: These new technologies have captured almost every country and have set new trends for the payments and transfer methods. According to the financial survey, the combined amount of mobile payments which were made by 2013 has reached $600 Billion globally. This amount is almost the double of what it was in the February of 2011 stating that the adoption toward the technology is increasing enormously. With the rise in smart electronic devices and the smart and catchy internet deals and the revival of Internet IPO it is believed that 2011 was the most transformative year in terms of technology (Schwartz, 2011). Impacts on Society and Culture: Talking about the societal trends regarding NFC and mobile marketing then according to an article published by CNN 2012 has been claimed as the year of NFC and mobile marketin g (Cashmore, 2011). It was also claimed that the mobile payments and NFC will expand and blossom more in 2013. This defines that the adoption of the trend is growing largely in the world and people are becoming more inclined towards the technology. New methods and techniques are continuously evolving by the technology makers this year following the boom and success of NFC and mobile payments. People in developed countries are more likely to be influenced of the technology while it is