So why would 's hotly anticipated system require a cash register?

It won't, if one analyst has it right. More on that below.

When people talk about the future of digital wallets -- electronic smartphone-based replacements for credit cards, debit cards and cash -- you're likely to hear the initials in the same breath. NFC, for "near-field communication," is a set of technologies that makes it possible to pay for purchases using smartphones, among other things.

The idea is that all smartphones will contain special NFC chips that enable you to use your phone as a credit card. To make a transaction, you pass your phone over or near a special gadget that's hooked up to a cash register as an equivalent to swiping a credit card.