There has been lots of speculation around the idea of being able to use your smartphone as a cash card, and Vodafone have finally revealed their new service in this vein. They has partnered up with industry giant Visa to provide a service that allows users to pay for items with their mobile device, similar to London’s Oyster card system for public transport.
This new technology has been dubbed as Visa payWave mobile, and will allow customers the ability to swipe their phone at a payment terminal, although they will need to type in a PIN code for transactions over £15. Vittorio Colao, chief executive of Vodafone has said:
Our mobile wallet will be open to any service provider and we are committed to enable all partners to provide our joint customers the richest service portfolio possible
Visa see their partnership with Vodafone as a huge stride forward for mobile payments. Now many services and businesses are likely to initiate features like this in the near future, such as Barclays’ smartphone payment service Pingit, which allows customers to manage payments via an app. We are likely to soon see a big increase paypoints for ‘mobile wallets’ on the high street.
What do you think – are you looking forward to this? Would you use your phone in this way?