Electronic Devices Become Payment "Cards"
Manufacturers are in the process of developing new ways for people to pay for transactions without using cash, check or credit card. For example, Apple's latest iPod can not only play music, it may one day make payments. The new tool, which also acts as a cell phone and delivers video on demand, is equipped with a radio frequency chip for possible use as a contactless card payment.
Meanwhile, Japan's credit card companies are working together to find a standard way of allowing mobile phones to be used in lieu of credit cards, regardless of the issuer. The result would be that any store equipped with a QuickPay scanner, which uses a special chip from Sony, could use their phones as "wallet phones."
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 12, 12/05
First published on 12/01/2005