NFC chips stocked inside credit cards for contactless payments is nothing new. But a more recent and admittedly more enticing use case for NFC is with your smartphone, which can digitize your entire wallet. Virtually every mobile OS maker has their own apps that offer unique NFC functionality. Android users have the widest variety to choose from. First off, US users can nab Google Wallet, which accesses your funds for contactless payments. Samsung Pay, which operates similarly, is on the way for Samsung phone users in US and Korea this Summer.

However, a feature that all Android owners have been able to enjoy is called Android Beam. It was implemented in Ice Cream Sandwich 4.0 as a nifty, simple process that allows for the transfer of photos, contacts and directions that works by holding two phones together.

Whichever device you have, it's likely that a local supermarket, train station, taxi or coffee shop supports contactless payments via your phone's NFC chip. Go try it out! Simply hold it close to a contactless payment terminal and instantly, like swiping a credit card, the payment will complete.

Looking toward the future, it's possible that NFC chips could be used to replace every card in your wallet. That means the unique info on your frequent shopper loyalty cards, library card, business cards and the like could be contained and transmitted simply via NFC.

The potential for NFC stretches further than commerce. Passive NFC 'tags' are being built into posters and informational kiosks to transmit additional information similar to how scanning a QR code can trigger launching a web address, offering a discount coupon, or a map to download on your smartphone. A clever use of an NFC tag can be found integrated into Google's do-it-yourself VR kits, Cardboard. Mounting your NFC-capable smartphone into the headset triggers the nearby tag to automatically download or launch the app.

Strangely enough, even video games and action figures are even seeing an injection of the wireless technology. Nintendo's Amiibo, Skylanders and Disney Infinity are collectible toys at heart, but under the hood, the NFC tech offers new functionality not previously seen in video games.

Waving these figurines over gaming consoles or accessories enables players to "check-in" to the game brings them to life, so to speak, which activates some unique features.

In Skylanders, these figurines can be linked up to the game to enrich the experience with these new characters to play with. Disney Infinity and Amiibo toys yield similar rewards to players and collectors. The NFC chips inside are capable enough to store user data such as experience points, progression and customized settings.

Another practical use of NFC is with Bluetooth speakers and headphones. Many devices brandish the NFC logo, which means that by holding your smartphone to the NFC-enabled device, you'll be able to connect via Bluetooth much faster than pairing devices manually.