By Nick Heath, 31 January 2008 11:18
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The technology works by putting an NFC reader and transmitter into a phone that can be linked to a bank, loyalty card system or travel account such as Oyster cards. The phone can then be swiped in front of an NFC reader or another NFC equipped phone, as shown above, to transfer money or credit.
The phones can also be used to check receipts, balances and transfers, as well to authorise remote transactions, and is compatible with existing banking systems.
Photo credit: Nick Heath
Comments
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1. anonymous
I see, so stealing my phone becomes even more attractive to Mr Junior Criminal? I think not! Diverse devices and cash will remain for a long time, probably for ever. Anonymity is quite useful sometimes! "Solution looking for problem" should be your caption for this one!
2. Karen Challinor
another attempt to tell us cash is dead and has been replaced with an electronic version which sits in your phone or contactless card and is so convenient you won't even notice you are making a payment nor that the date, time and location of the payment is logged, they hope
and of course it is totally secure but the transaction is limited to £10 anyway even if it isn't so you won't get ripped off by much if you do get ripped off, not that you'd notice, unless it happens to be your last £10 in which case you can't get home
and heaven help you if your battery dies
yeah cash is definitely dead