The HCE-based wallet could be a game-changer for NFC banking. It also poses a threat to plastic cards," he said.
HCE can eliminate the dependency on mobile operators as the technology returns control of payment issuance back to the card issuers.
Currently, NFC mobile payment requires users to change their SIM card, causing inconvenience to users and eroding the adoption of mobile payment services.
"We believe mobile payment with smartphones will gain momentum within 24 months," said Mr Yeager.
Siriwat Vongjarukorn, president of MFEC, a Bangkok-based mobile enterprise developer, said mobile payment would serve rapidly changing consumer lifestyles.
Thailand has 10,000 NFC-enabled point-of-service terminals. NFC-ready mobile handsets account for 20-25% of total Android-based smartphones.