The GSM Association stated to that today it will soon be releasing GSM requirements for the use of NFC in handsets equipped with near-field communications capabilities. "But it will be up to network operators and handset OEMs to work together to develop the final set of standards for use worldwide. Only the 44 network operators who support the GSMA's Pay-Buy-Mobile initiative will be able to contribute to creating the standard. The GSMA has set the minimum requirements for security, so the Single Wire Protocol that provides the interface with the Universal Integrated Circuit Card security chip will be mandatory. By seeking operator and manufacturer feedback, the GSMA hopes to speed NFC-based mobile payment solutions to market."

Source: Phone Scoope

"Near Field Communication or NFC, is a short-range high frequency wireless communication technology which enables the exchange of data between devices over about a 10 centimetre (around 4 inches) distance. The technology is a simple extension of the ISO 14443 proximity-card standard (contactless card, RFID) that combines the interface of a smartcard and a reader into a single device. An NFC device can communicate with both existing ISO 14443 smartcards and readers, as well as with other NFC devices, and is thereby compatible with existing contactless infrastructure already in use for public transportation and payment. NFC is primarily aimed at usage in mobile phones."

Source: Wekipedia

Image Source: Nokia Phone Blog