The future of payment

Nowadays in the Spanish village Sitges a trial project for mobile payment, organized by Visa, the Spanish savings bank La Caixa and mobile phone company Telefónica, is running. Due to this new technology a customer can pay his purchases with his mobile phone, which contains a chip similar to the chip in a credit or debit card. The buyer has to place his mobile phone next to the pay terminal, type in his PIN code and the money is transferred. Since mobile manufacturers like Samsung and Apple are already developing phones that will support this technology, mobile payment could be reality by 2012.

Sam Vander Vennet

Source: http://www.guardian.co.uk/money/2010/oct/02/mobile-payments-technology