Swipe cell phone to let you make instant purchases soon
By siliconindia   |   Friday, 24 September 2010, 20:28 IST   |    3 Comments
Printer Print Email Email
Swipe cell phone to let you make instant purchases soon
Bangalore: A mobile phone that can be swiped at the till to make instant purchases will soon replace the shopping scenario. Although it has yet to go into full commercial use, the hi-tech new payment method looks impressive. The innovation is the result of collaboration between payment company Visa, mobile operator Telefonica - the owners of O2 - and Spanish bank la Caixa. For anything below 20 euros, the retailer just keys in the amount or scans the barcode before the phone is swiped across the front of a sensor. Larger purchases require a four-digit PIN number, which adds security should the phone fall into the wrong hands. Phones can be pre-loaded with cash or linked directly to a bank account. However there are still some major obstacles. For the system to work, the mobile needs to use a SIM card with a payment function built in, plus a supporting secure chip similar to a top-up memory card. And there needs to be enough financial incentive for the mobile operators to join in.

siliconindia