One of the hottest technologies around is NFC. Near Field Communication allows devices to communicate to other devices using short waves. The reason this technology has caught fire has been its use in mobile credit card payments. Another upcoming phone…
PayPal has announced the launch of version 2 of its Android app. This feature "bump" technology, which lets two users bump their phones together to send money (much like the existing iPhone app).
Will the mobile phone replace the credit card? It sounds a bit like science fiction, but it appears that mobile carriers are trying to make it a reality.
Bloomberg reports that AT&T, Verizon, and T-Mobile USA are "planning a venture to displace credit and debit cards with smartphones". The companies would work with Discover Financial Services and Barclays Plc to test a system starting in Atlanta and three other unnamed U.S. cities.
This week MasterCard announced a new developer initiative, which will place MasterCard payment technology in mobile and online apps.
"We are excited about tapping into the ingenuity of software developers around the globe to help create the next generation of game-changing payment applications," said Josh Peirez, Chief Innovation Officer, MasterCard Worldwide. "We feel this will unleash innovation within our industry especially in the burgeoning areas of e-commerce and mobile payments."