We read this week in Ecommerce Times of new Android application which makes the G1 phone work as a credit card. It provides an instant credit card update on transactions and works as a credit card with wireless payment systems in stores.
The application today is free and only available to Chase bank customers in the US and Visa is just one of several companies that have been testing technology payments. More than 30,000 retailers across the US have contactless readers installed at the checkout lines.
The application uses NFC (near-field communication) technology, offering the user full security because device never leaves their control and an alert system which can update cardholders, alert them to fraud allowing them to set alert thresholds. The user merely taps or waves a phone on a store checkout reader to make a payment.
The GSM Association, the global trade group for the mobile industry, has called for mobiles to pre loaded with NFC chips by mid-2009.
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