Banks and phone firms link up to back payment by mobile
Thursday 09 September 2010
The Netherlands three biggest banks and three biggest mobile operators have signed a letter of intent outlining plans to work on a system allowing people to pay for goods and services by mobile phone.
The six firms hope that by 2012 people will be able to hold their phones to a shop terminal and automatically make payments using what is known as 'near field communications' technology.
The project involves ING, Rabobank and state-owned ABN Amro together with KPN, Vodafone and T-Mobile, owned by Deutsche Telekom.
The six companies are setting up a joint venture to develop the system, they said in a statement.
NFC transmits over a few centimetres, rather than the mobile network while secure payment software will be on the phone's SIM card.
According to news agency Reuters, the system is not new although its use has been limited to Japan and some testing by banks in the US.
© DutchNews.nl
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Friday: Cold and sunny everywhere. Heavy frost at night. Similar Saturday but thaw possible Sunday
Find this a case of running before you can walk. Currently my Maestro Card, issued by a Dutch Bank, works in some Overseas Outlets but not others, ie. it allows payment in a 'Named' Supermarket Petrol Station, but, not the same 'Named' Supermarket located on the same site.
By Thon | September 9, 2010 5:25 PM