Mobile phones to be used to pay for items

| June 16, 2008 | 0 Comments

According to the UK payments association, Apacs, mobile phones will soon allow people to pay for items.

The organisation believes that mobile phones are a key part of the payment revolution as the number of people using credit cards and other plastic alternatives is increasing. The next step forward is clearly contactless transactions through mobile phones believes Apacs.

Near Field Communication (NFC) is a new, short-range wireless connectivity technology that enables secure transactions and Apacs believes that it is certain that this technology will be used in the future.

It will potentially revolutionise the way that we pay for things, explains Jemma Smith of Apacs. Ms Smith said that approximately 90% of households now have a mobile phone and there is room to develop this new technology.

It is believed that 612 million mobile users globally will produce over $587 billion (£299 billion) worth of financial transactions in the next few years, according to Juniper Research.

According to research from the British Retail Consortium, cash is a method still used by many. In the 12 months to April 2008, it was used for 34% of retail spending in comparison to 32% in April 2007.

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