Other New Technologies
Four technologies stand out as exemplars of the newest technologies: virtual, augmented, and mixed reality; drones; the sharing economy; and m-commerce/virtual currency. Lower costs and advances in digital content production are bringing these technologies to the masses. Mobile wallet technology has been struggling to get a foothold in the market for some time. This service uses a short range wireless network technology called Near Field Communication (NFC). Using a NFC enabled smart phone, users can tap their phone on a payment terminal. Apple Pay, Android Pay and Samsung Pay are examples of this technology. The system uses magnetic secure transmission for this action and the technology was made by LoopPay, which Samsung acquired in 2015. With Mobile wallets, users connect the wallet with their bank account or a credit card account. Augmented reality technology has been around for a while, but with the growth of mobile devices such as smartphones and tablets, it is poised to take off.