touch

... and go, going, round and round

(not the usual - go, going, gone)

 

NFC is near field communication - small information payloads, across a few centimeters, in a fraction of a second.

With the open money app, a smart phone with nfc can read a tag that authenticates the use of the presenter's open money account to make or receive payment - the tag enables direct debit from the holder's account.  The tag can also accept payment to the holder's account from the nfc phone - direct credit.

This means a few smart phones are enough, with tags, to support multiple currencies in any community, anywhere.

There are no significant operating costs.

Tags cost less than $1.