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Date Published : Thursday, August 28, 2008
Consumers and merchants are trialling a new payment system that will allow them to pay for goods using their mobile phone, it has been reported.
National Australia Bank (NAB) has announced it is teaming up with Telstra and Visa in a project that will be piloted by almost 200 staff at Melbourne’s Docklands.
The technology will allow those participating in the trial to remotely download their NAB Visa credit card software application to their Telstra mobile phone sim card.
Such a move will then enable them to pay for small items like a coffee or a daily newspaper, up to the value of $35.
The financial transaction will be completed by trialists passing their mobile phone over a reading device, but only at participating merchants.
Chris Clark, general manager at Visa Australia and New Zealand, said the payment process is the next logical step in the development of mobile phones as they are already used for downloading music and messaging as well as high-speed internet access.
"Mobile phones are one of the most promising new forms of payment in the world today. Research indicates that contactless mobile payments are two to three times faster than an average cash transaction," he said.
Mr Clark added that technological developments could see consumers use their mobile phones to download personalised electronic coupons as well as monitor their accounts and make mobile internet transactions.
According to the Telecommunication Industry Ombudsman office, there are around 19.7 million mobile phones in use in Australia.
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