Mobile Payments

News.com writes:

Online payment specialist PayPal, a unit of Internet auction giant eBay, has introduced PayPal Mobile to North America. The wireless version of its service enables users to buy goods and exchange money using their phones. Transactions are conducted by secure text message.

Motorola is said to be targeting the market, as are startups Obopay and TextPayMe. And credit card companies, including Visa, are testing a contactless payment technology in phones called near field communication (NFC), which uses radio waves to transmit transaction data. In the NFC trials, participants use their phones to make purchases at a coffee shop, download a movie trailer in a DVD store, shop from their home TV and buy concert tickets from a smart poster.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.