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Telcos working together to remove your wallet

Published: 12:41PM Monday April 02, 2012 Source: ONE News

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Kiwis may soon be able to leave their wallets at home with new technology in the pipeline to pay by smartphone.

Eftpos provider Paymark and telecommunications companies Vodafone, 2degrees and Telecom announced today a joint venture to launch technology that would enable Kiwis to make secure payments from a 'virtual wallet' application on their cell phones.

At the checkout, customers will be able to make payments by holding their mobile phone within a couple of centimetres of a 'near-field communications (NFC)' enabled payment terminal.

The system is designed to work for making payments, collecting loyalty points and using public transport with their mobile phones.

Paymark chief executive Simon Tong said the collaboration will result in a win for Kiwi consumers.

"It's the first time this particular mix of organisations has come together to provide a service which will offer world-class, yet low-cost infrastructure - something New Zealand is well-known for around the world," he said.

"Our priority is to ensure that the technology adheres to the most rigorous global standards so that customers have a great and safe experience with the applications provisioned using the technology."

Paul Reynolds, CEO of Telecom, said New Zealand will retain its track record of being an early adopter of payment technology.

"Mobile phones are already an indispensable part of New Zealanders' lives. Through the TSM initiative, Telecom will help make the Smartphone even more versatile, building on the innovation and choice we offer to our customers across New Zealand", he said.

Vodafone's CEO Russell Stanners said the move is another example of how mobile technology is becoming a bigger part of people's lives.

"The mobile phone has been transforming the way we live for almost 20 years, and alongside our wallet and keys, is the item most people never leave home without."

He said one day in the near future, New Zealanders will be able to leave their wallet at home for good.