According to a UK payments association, people in the UK may one day use their mobile phones to make payments and transfers in place of using a credit card . Furthermore, Apacs say, the day may not be that far off.
Apacs recently rolled out a Faster Payments System allowing financial companies to process payments in a single day. The technology required to enable payments to be made using a mobile phone instead of credit cards is very close.
NFC, Near Field Communication is apparently the key technology. Similar to Bluetooth, NFC includes Nokia, Visa and MasterCard as members of a global forum. How quickly the new technology can be rolled out remains to be seen.
In other credit card news, credit card companies may push prices up again in coming months, experts forecast.
Mobile phones may supersede credit cards
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Mobile phones may supersede credit cards
Mon, 16 Jun 2008
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