This is what Hakan Djuphammar, VP of systems architecture at Ericsson predicts for the technology. Let me quote the exact words of Hakan:

A year from now basically every new phone that's sold will have [Near Field Communication]. It's a two-way, bio-directional RFID communication link that makes this device work as a tag or as a reader.

Proponents of privacy and security need not worry as the RFID chips will be placed in a secured environment in the phone where only secure elements could be downloaded enabling your cell phone to take on other roles such as doubling as a concert ticket or credit card or acting as keys of your car or house.

Credit card frauds could also be taken care of as location of mobile phone user and IP mapping could be used to find out whether the credit card transaction is being conducted near the card holder and if its genuine or not.

I hope this becomes a reality pretty soon as your cell phone wont just remain a source of communication or entertainment any more.