There is some buzz developing around a technology known as near field communications (NFC), a set of short-range wireless technologies, typically requiring a distance of 4 cm or less, which allows mobile devices to communicate with each other across very short distances. Utilization of this technology will allow credit card payments, for example, to be made at the point of sale by simply scanning or swiping a phone or other mobile device across a passive target such as a sticker or tag, much like swiping a credit or debit card through a terminal currently.

Google (ticker GOOG) is throwing their weight behind the new technology, having joined the NFC Forum, an industry association that has been advancing the technology for years. Both Google and Intel (INTC) have joined the forum as principal members, and other companies such as Hitachi and Daimler AG have also joined. Google currently has begun testing NFC in San Francisco and New York and the company has teamed up with Mastercard (MA) and Citigroup (C) to implement NFC in Android phones and has included NFC in its latest flagship Android phone, the Nexus S. Many other companies, including RIM and Nokia, have discussed using the technology as well (though it seems Apple may still be on the fence). Verizon Wireless (VZ), AT&T (T), and T-Mobile also said last fall that they would team up on a mobile payment system — dubbed Isis — for smartphones.

Some believe that NFC technology is overhyped, but it’s hard to ignore the confluence of NFC hardware, interested companies, and participating retailers that may finally let it take off. How does an investor try to benefit? Take a look at the stocks of Dolby Labs (DLB) and NXPI Semiconductors (NXPI).

Via Licensing is a subsidiary of Dolby and manages the patent pool governing commercial applications of NFC and has also joined the NFC Forum. It essentially owns the patent for NFC and will receive a royalty for every phone sold with NFC capability, similar to the Qualcomm (QCOM) business model of receiving royalties for CDMA enabled phones. NXPI makes chips that allow NFC to work and currently enjoys the first mover advantage. The stock has recently warranted attention from and has been mentioned in Investor’s Business Daily.

Dolby stock has been downtrending much of this year, currently trading at $50.77, down from its’ 2011 high of $68.88, and seems to have recently found support at $45. NXPI currently trades at $33.62, up nearly 50% since the first of the year.