Here is a demonstration:
One only has to think about the potential impacts that this technology would have on the Hospitality industry. Imagine not having to exchange currency, being able to tap to pay for a taxi ride or knowing your balance as you vacation. This technology has a world of potential but will it be adopted on a large scale?
Here are some potential issues to consider:
Will Visa, MasterCard and all of the other credit companies agree to use similar technology so that companies won't have to have multiple devices?
How will the security features work? Will thieves be able to quickly have near field technology devices that steal your money by just walking by someone? Thieves can out with card skimmers pretty quickly. I am sure the criminal element are already working ion their solutions to this problem.
Overall, I think this is a great concept. I will happily give up the 50 million loyalty cards in my wallet. I also think the security on this device is better than cards themselves. Further, I believe that being able to track ones bank balance with each spend will affect the way people handle money. I think it would make us think twice about overspending. This might be a good solution to an overspending nation.