Smartphones will replace wallets in a new world-first trial starting in Australia later today (August 7th).
Under the three-month pilot program brought to consumers by Westpac and MasterCard, debit card information will be securely programmed into mobile phone SIM cards.
People's mobile devices will operate like a credit card chip and users will be able to make purchases up to $100, though experts have warned the security of the system needs to be tested further.
Indeed, head of business development for mobile wallets at Proxama.com Russell West recently said it is only natural that people are likely to have security concerns when making these transactions.
MasterCard innovation head Matt Barr said this trial is an important step in terms of getting to a mass-market solution and is the first of its kind anywhere in the world.
“All our research and feedback has shown that people are really ready to transact using their mobile phones. Out of our 3.4 million customers online, 43 per cent use their mobile phones to process payments,” he continued.
Posted by Peter Robinson