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Visa and Bank of America to Trial Mobile Payments in NYC

Aug 20, 2010, 7:14 AM by Eric M. Zeman

Starting in September, Visa and Bank of America plan to trial the use of smartphones to make purchases in stores. The pilot, which will be held in the New York City area, will make use of NFC (near field communications) chips that are installed into phones. The NFC chips will contain the necessary banking data so that when it comes time to make a purchase, users can simply tap their phone against an NFC reader, which will collect what it needs to process the sale. The trial will be limited in size, but will run through the end of 2010. Visa and Bank of America didn't explain which carrier or what phones will be used, nor how the chips will be installed. Earlier this year Reuters reported that, T-Mobile, Verizon Wireless, AT&T, and Discover Financial have their own plans to trial mobile payment systems.

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Comments

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This forum is closed.

Jayshmay

Aug 20, 2010, 9:32 AM

Mobile payments & Mobile DTV on my next smartphone please!

I'm glad their finally getting the pieces together for this! I wonder how fast this will move. It sure is about time. This has been talked about for so, so long.

Well hopefully both mobile payments & mobile DTV will be ready for primetime when I buy my next smartphone. I don't even qualify for an equipment upgrade until November of next year. So I'll be watching closely!

Black_Beard

r u sure youd want it in its begining stages? seems like this could open up potential fraud issues...especially at first

muchdrama

Aug 20, 2010, 12:12 PM

I can't wait for the first incidence--

--of some teenager with the right equipment literally swiping your information out of the air mid-transaction.

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