One in six world populations will conduct mobile payments by 2014.
Thanks to the “contactless” payment system on mobiles, the shoppers can user their mobile phones to make purchases in the stores. Orange mobile company has integrated into Samsung Tocco Lite phones its “Quick Tap” system that allows now its users to pay in 50,000 stores in UK for transactions of up to £15.
McDonald’s, Eat, Boots, Wilkinson, Pret A Manger and Subway already allow consumers to use their contactless cards to make payments, also with a £15 limit.
Phone users can transfer up to £100 at a time to their phone from a credit or debit card and store up to a maximum £150, transforming the phones into electronic wallets with the phones themselves loaded with cash rather than the funds being debited from users’ bank accounts.
The security benefit and convenience is what at the forefront of the consumer choices. Of course with this payment, people can leave their wallet at home and use their phone to pay for items. Most people PIN-protect their smartphones so there is less security risk if they lose the device and they would not have to cancel all their different cards.”
To use the system, customers will have to purchase a Quick Tap-enabled Samsung Tocco Lite phone, available at £59.99 on pay-as-you-go or for free on pay-monthly contracts from £10 per month on 24 month contracts.