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Nokia, LG, and Samsung have teamed up with AT&T, NTT DoCoMo, Vodafone, and KTF, in conjunction with financial institutions like Mastercard, towards a Near Field Communication (NFC)-based eWallet initiative, dubbed “Pay-Buy Mobile.” The GSM Association has garnered the support of these industry heavy-weights for a standard set of NFC chips, sourced from NXP and Sony, to be used in mobile phones – essentially turning the phone into an electronic wallet. The NFC chipset will be combined with a SIM/Universal Integrated Circuit Card (UICC) card to keep financial info nice and secure – and some transactions will even require a PIN, adding another layer of security.
The day of the eWallet is upon us, people! Come this October, the streets will be littered with traditional wallets, as everyone adopts this NFC-enabled cell phones without a care for potential security issues.
via: gsmworld
About The Author
Will Park
Will hails from The City of Angels - Los Angeles, California. He spends his time playing with his numerous gadgets and looking forward to seeing what future holds for mobile technology. An avid promoter of a fully "digital" life, he promotes the widespread adoption of truly mobile, paper-less living. He dreams of the day when he can go completely digital. No more snail mail, paper receipts, bound books, notepads/spiral notebooks, credit cards, hard currency. He's a digital warrior - fighting for the converged life. He is an idealist and a realist - he has a perfect view of what the world should be but knows that the world is not perfect. Can we ever hope to see Will's dream become reality? We'll see...
