Your mobile phone, your credit card?

by RinggitPlus Team

Banking Technology

Your mobile phone, your credit card?

Imagine a world where you no longer have to whip out your wallet and use your credit card to make payments. Instead, all you need to do is tap your mobile phone on a reader and everything is duly processed.

That world will become our reality sooner than you may think, thanks to a collaboration between VISA and Samsung. PaymentSource reports that the two giants are teaming up with the goal of creating a financial programme that will allow mobile phones to function as credit or debit cards.

At the Mobile World Congress in Barcelona, the companies jointly announced that Visa’s PayWave application will be installed by default on all Samsung devices equipped with near-field-communication (NFC) technology.

The pair added that their partnership is a first between their respective industries – payment network and handset manufacturing; one that will play a major role in helping large-scale mobile payment systems get off the ground.