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Consortium of Mobile Companies Launch Global Mobile Wallet Program

Apr 25, 2007, 11:43 AM by (staff)

A group of handset manufacturers has agreed to embed near-field communications chips into mobile phones, turning them into mobile wallets. The phones will then be able to make contactless payments, with the bill charged to subscribers' MasterCard accounts. The program, initiated by the GSM Association, is called Pay-Buy Mobile. Some of the companies include wireless network operators Cingular and BellSouth in the U.S., as well as handset manufacturers Samsung, LG and Nokia. The network operators and device makers have all agreed on a standard set of chips and software from NXP and Sony. The solution will use the combination of NFC with a SIM/Universal Integrated Circuit Card to protect user financial data, and some transactions will require PIN codes to be entered. The program will launch in October.

Reuters »

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Comments

This forum is closed.

This forum is closed.

s710fan

Apr 26, 2007, 4:49 PM

phone compatibility

The technology is based on a SIM card, so we don't need new phones compatible with the program, right? Any takes?

s710fan

What is in the phone that makes it compatible? Is it just a matter of adding new software, or does it need a specific hardware, such as an IC chip in addition to the SIM card? Also, what happens when you get a new phone, would the 'ic chip' be trans...
(continues)

muchdrama

Apr 25, 2007, 2:19 PM

Excellent!

Now we can get bilked by thieves the world over!

MrAbstracto

And when someone loses their phone, they've lost their credit card as well! now if they could just find a way to integrate car/house keys with it they'd be set!

...

Jayshmay

Apr 26, 2007, 12:00 AM

One less thing to carry around

Don't have to carry around an MP3 player, new phones have megapixel cameras, and camcorders,. . . and now, debit/credit cards will be one less thing to carry around.

I am very excited about this, and am looking forward to it. I might even hold off until there are NFC-enabled handsets available to sign a new contract and get a new handset.

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