Mobile Payments

The Times writes:

Mobile phone manufacturers have now set their sights on supplanting your wallet. Their new generation of phones will link to your credit or debit account as part of a joint initiative with phone operators, banks and credit card companies. They predict this one-swipe payment technology will potentially replace cards and cash and make it possible to go shopping armed only with a mobile phone.

A pay-by-mobile system already operates in Japan, where it is nicknamed o-saifu keitai (mobile wallet), and trials are under way in the United States, France and Sweden.

Industry insiders predict the new technology could arrive in the UK within one year.

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.