The day I’ll be able to pay for my McDonald’s Value Meal with the wave of my cell phone is approaching. How quickly depends on a variety of factors.

Mastercard, Visa and others have begun to pave in-roads into the world of mobile payments with RFID cards – plastic embedded with an electromagnetic chip allowing cardholders to wave, rather than swipe, their credit cards for a payment.

The same technology used to power RFID cards can be used to power payments via mobile phones. In fact, it already is. That RFID chip simply morphs into sticker form, which consumers adhere to their cell phones, transforming them into credit card alternatives. Taken a step further, the chip is embedded into cell phones to remove the “hassle” of a sticker.

A third option, the mini card, provides cardholders with the best of both worlds. Combining a magnetic stripe with a chip into a keychain fob the mini card allows cardholders to make payments everywhere – regardless of RFID-enabled POS (point of sale) availability.

But does demand for cell phone payments exist? If so, what is keeping it low?

For starters, the prevalence of (or rather lack thereof) RFID-enabled POS has a lot to do with demand. Second, asking people to change cell phones is akin to asking them to trade in their first born. Fears of fraud, new-product confusion and an addiction to the status quo are three other qualities of many a U.S. consumer that stand in the way.

If your financial institution (FI) is considering the addition of RFID cards to its plastic products mix, start by examining your community and membership based on the above factors.

Is there a good chance RFID cards will draw in new members? Or will the product mystify existing and potential members alike?

Is your FI a leader in payments technology, accustomed and able to adapt to its evolutionary nature? Or do you prefer to let others test the waters of innovation, benefiting from their early lessons?

Whatever your final answer, it will be a good exercise to at least have asked the question.