[mootothemax]

I believe NFC smartphones can't currently act as payment terminals because PCI rules mandate that such things should be self-contained single-purpose devices with their own PIN pad.

The NFC cards, SIMs, keyfobs etc. don't necessarily require a PIN here in Poland; you're good for ~$15 USD (50 PLN).

If you need to pay more than that, you then have to enter your PIN as you suggest.

Limits the use cases to corner-shop-equivalent purchases, still quite a large market!

[bryanlarsen]

In Canada, some merchants are now accepting NFC payments without PIN for up to CAD200 (USD180). When they first arrived, limits were typically more like $25.