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.
Showing posts with label Near Field Communications. Show all posts
Showing posts with label Near Field Communications. Show all posts
Wednesday, December 31, 2008
Friday, May 16, 2008
What's In Your Wallet?
Imagine a world with no loose change, or plastic, or airline / travel tickets, coupons etc. just a mobile phone. The phone becomes a wallet, access card, identification and communications gateway to the internet, direct networks, the world. Is this so far away?
Technology is here today which companies such as Nokia have already introduced devices to use which enables small payments from mobile phones by just flashing the handset. However we are caught in a catch 22 where wide adoption requires prices to drop and a price drop requires wide adoption.
Research firms Strategy Analytics and ABI Research have forecast the 20 percent penetration would be reached in 2012 and that this should trigger adoption. ABI Research also have forecast that 6.5 million phone that contain the contact-less chip called NFC (Near Field Communication) will be sold this year, a figure up 10 fold from 2007.
Last year Nokia, large European and Asian carriers initiated a project which also involves the world's biggest payment card company, MasterCard. The communication is said to be cheaper and much faster than other wireless payment experiments, such as SMS text messages.
Technology is here today which companies such as Nokia have already introduced devices to use which enables small payments from mobile phones by just flashing the handset. However we are caught in a catch 22 where wide adoption requires prices to drop and a price drop requires wide adoption.
Research firms Strategy Analytics and ABI Research have forecast the 20 percent penetration would be reached in 2012 and that this should trigger adoption. ABI Research also have forecast that 6.5 million phone that contain the contact-less chip called NFC (Near Field Communication) will be sold this year, a figure up 10 fold from 2007.
Last year Nokia, large European and Asian carriers initiated a project which also involves the world's biggest payment card company, MasterCard. The communication is said to be cheaper and much faster than other wireless payment experiments, such as SMS text messages.
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