MasterCard and Bell Mobility are in the midst of trialing contactless payments with mobile phones. About 24 million locations such as fast food restaurants, gas stations, grocery stores and convenience stores, which accept MasterCrd PayPass are involved in the pilot program. No signature is required for purchases under 50 bucks — all you have to do is place your mobile phone near the payment reader and watch your balance going down.
As for the security, MasterCard argues contactless payments are as safe as traditional card payment transactions. “Contactless payments also provide more consumer control, since the mobile phone doesn’t have to leave your hands to be swiped by a merchant/retailer. All PayPass enabled mobile phones are protected with Zero Liability coverage for any fraudulent transactions.”
MasterCard and Bell’s trial runs until November 2008. More information is available from MasterCard Canada’s website…
[Via: MobileSyrup]