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Visa, Nokia, and IBM turn cellphones into wallets

Posted Jan 12, 2007 at 02:53AM by Remi M. Listed in: Cellular News Tags: Sony, CES, Philips, IBM, Credit Card
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CES Mobile


The days when we use our cell phones to call and send SMSs are so, so gone. Why you ask? Aside from the influx of smartphones and the recent unveiling of the iPhone, one of the world's biggest credit card payment scheme has launched a global system to turn mobile phones into wallets. Of course, we're talking about Visa.

Visa has entered in a deal with Nokia to let future users of this payment system, created with the help of IBM, to pay for groceries or other stuff by swiping a phone over a reader that electronically "talks" with a microchip on the phone. The owners would simply push a button, and voila, transaction complete.

According to a Visa statement at the CES, consumers will also be able to control and manage their payment accounts and funds, using only their cell phones.  A Near Field Communication (NFC) chip is the wireless standard used to link phones with payment systems in stores. This NFC mumbo-jumbo is developed by Philips chip unit, NXP and Sony. The initial version of the mobile payment system launched last Monday and future plans include remote payment and person-to-person payment.

There's no word on what happens when your mobile-payment-enabled cellphone gets lost or stolen. Most likely, you could cancel it the same way you do with stolen credit cards.

[Via Reuters] Permalink  |   Email this  |   Linking Blogs   |   Digg It!

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