NFC Mobile Payments has been tested several times in the past, London’s Tube system won’t be getting mobile-based payment technology any time soon. Customer Experience Director Shashi Verma said that existing NFC technology wasn’t able to drop below the 500 millisecond barrier – something which Transport for London demands from its high-churn Oyster card-based turnstiles. Verma added, “The concerns are only around NFC technology and not EMV. We are keen to see any progress the industry can make in this area.
read moreAs smartphone vendors and mobile operators shift their strategies to incorporate wireless payment technologies into mobile phones, consumers will soon be able to drop their wallet and carry every piece of important payment information on their handset.
NFC is already starting to be built into a range of Android smartphones, RIM and Nokia have committed to the technology and Apple is reportedly adding the contactless technology to its new iOS devices.
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Mobile payment is the collection of money from a consumer via a mobile device such as their mobile phone, SmartPhone, or Personal Digital Assistant (PDA). Mobile payments can be used to purchase a good or service online, pay in a retail location, or transfer money to another person. There are many methods for mobile payments, such as premium SMS (Short Message Service), WAP (Wireless Application Protocol), and NFC (Near Field Communication). Following a few key points about these particular methods.
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