Technology will now enable people to make purchases by swiping their
mobile phone across a till scanner-to be rolled out this summer. Consumers will be able to buy cinema tickets, a sandwich or cup of coffee without the need for a card or cash. Barclaycard and the Britain’s biggest mobile phone network, Everything Everywhere, which includes Orange and T-mobile, have signed a partnership to bring the system to 40,000 tills.
The two claim it will be the biggest revolution in payments since credit cards were introduced in this country more than 40 years ago. Chief Development Officer of Everything Everywhere Gerry McQuade said: ”This is the beginning of a revolution in how we pay for things,” the Daily Mail reports.
”It’s a cultural shift that is as important as the launch of the personal credit card or cash machines,” he adds. Initially, there will be a cap of 15 pounds per transaction, however, the banking industry expects this to rise, allowing virtually any purchase to be authorised with a swipe of a handset.
Bank and mobile phone networks are in talks with handset manufacturers, including Apple, Blackberry and Nokia, on including the technology in their devices. The system works by installing a tiny chip and antenna in the phone, which ties the handset to the owner and their credit card or bank account. The antennae sends a radio signal to a till scanner, which recognises the handset, authorises the payment and then deducts the money from the owner’s. (IANS)
