Digital Wallets at the Ready in NYC for Visa's Latest TrialsS

Swiping a phone to pay for a coffee is going to be one of the biggest advances in technology in the coming year, and from next month Bank of America and Visa will start testing it out in New York.

NFC, or Near Field Communication, transfers small amounts of money with the wave of an enabled phone next to a compatible store-installed device.

Networks AT&T, Verizon and T-Mobile have already announced a partnership working with Discover and Barclays in four US cities, but with Bank of America and Visa's testing in New York (due to cease by the end of the year) we could see a real step forward in the possibility of paying for smaller items every day in US life. [Reuters]