You may not have heard of it, but near field communication (NFC) is the technology that major companies are betting will become a central part of every mobile phone user's life.

Interested in digital wallets, gaming, or social media? You'll soon be acquainted with NFC — which could transform the way we shop, pay, save, and interact with other mobile device users and even with physical objects.

NFC is the technology that enables smartphones and other devices to establish a radio connection by touching them together or coming within close proximity.