Over the next few years we may well be paying for our goods by using our mobile phone. This is a concept that has been around for a while, and now looks as though it’s finally happening. Over the last fortnight Orange/ T-Mobile , Vodafone and O2 have agreed to create a single platform to support mobile transactions. This step brings the whole concept closer to market realisation - as retailers will now only need to plug in to one joint platform.
If you have used retailers such as Prêt a Manger near our More London offices, you may well have noticed the Near Field Communication (NFC) technology that has been deployed to support Barclays Contactless Technology. You simply present your card for transactions of less than £15 and walk away, no pin, no hassle and no queue. If the mobile market gets it right then this type of technology may well be the next paradigm shift in personal banking.
Recent press coverage suggests consumers will initially be able to pay for goods with a value lower than £30 in stores including Wilkinson’s, Starbucks, McDonald’s and Tesco.
Soon your smart phone may be the only thing you need to carry with you!