Yes, it’s true: Mobile payments via your smartphone are coming soon.

The technology that will turn your smartphone into an electronic wallet is called NFC, or near field communication. It’s a short-range wireless radio technology built into many new smartphones that lets you simply touch or swipe to make payments at retail stores or vending machines. You can even give a friend some cash by tapping your two smartphones together.

As with all new forms of wireless connectivity, security will likely be NFC’s Achilles’ heel. Anytime new methods of payment are introduced, it’s only a matter of time before hackers and criminals figure out a way to exploit them.

NFC’s saving grace, perhaps, is its relatively short range: It works only within a couple of inches from the terminal, so this should limit its vulnerability. That said, is it that hard to believe a tech-savvy thief could build (or acquire) a device that scans your phone when you walk by and then debits money from your bank account?

NFC doesn’t require authentication, such as a PIN, but consumers will likely demand that type of security before NFC can really take off. If users can simply type in a PIN to verify their identity, that will help ensure that NFC transactions are legitimate. Google Wallet, which currently uses NFC technology, offers that type of security. (It also confirms that the wireless handshake between the smartphone and NFC terminal is encrypted to prevent hacking.)

Security isn’t the only challenge that could prevent NFC from catching on quickly. There is no universal standard at this point, which could delay the mass acceptance of NFC. Plus, it’ll likely take a while for retailers and vending machine manufacturers to invest in new hardware that can communicate with smartphones.

So will it be secure? If it requires a security mechanism such as a PIN, it will be about as secure as getting money from an ATM. In other words, secure enough -- but not immune to problems.