We’ve all been there. You’re waiting in line when suddenly you reach for your back pocket…and realize your wallet isn’t there. Well, good news, fellow geeks: The days of needing cash or even a credit card to pay for purchases are almost behind us. The cell phone is gaining new power in the world of payment and can actually connect you to cash right now – if you know how to make it happen.

Highlighting a variety of existing technologies, Jason Raphael of geeksaresexy.net has this to say about Cell Phone Payment:

Let’s start with what’s in the works. A developing technology called NFC, or near field communication, is growing closer to our pockets by the day. NFC lets your cell talk to other receive sites – kind of like BlueTooth, but quicker. With NFC, you can wave your phone in front of a receiver and have a connection within a second. NFC also works in a shorter range – about four inches max – and uses two-way communication, so the connection’s more secure.

As you can imagine, the possibilities with this thing are endless. The hope is that NFC will eventually act as a virtual credit card, letting you simply wave your phone in front of a panel to make a purchase. It’s also being tested for public transportation – hold your phone up to send your fare and board the bus – as well as eventually for identification, storing your official documents to send to anyone in a split second. In the future, NFC could even let your phone act as your car or house key, connecting with a panel on the door to transmit your identification and let you in.