This technology allows mobile devices to exchange data between itself and other devices. This will evolve, in my opinion, to our smart-phones (or brand new super-phones, to be mentioned in another post) to act as our wallets. We could use this technology to pay at restaurants, trains, online goods and even replace our travel cards. This idea could also evolve to become a ticket system, where you buy a plane or theatre ticket and use our mobiles to check in or gain access.
This technology requires a special chip inside a device. Most new Android phones and a new iPhone will have this functionality built into them. I think this is the way forward, especially with the junk nowadays in our pockets, and will eventually be accepted as payment everywhere. Barclays Bank and Visa are already there, so get with it!