September 25, 2006
Mom-and-Pop to Try Cellphone Payment
Family-owned Chevy Chase Supermarket is one of the first businesses in the Washington area to begin putting in place a pay-by-cellphone system. The Washington Post reports.
"Using RFID chips, customers will be able to store credit card and bank account numbers in their cellphones and charge their bill by swiping the phone across a sensor in the checkout line.
The new service should roll out in a year. But it may take twice that long for handset makers to deliver devices equipped with the RFID chips and for retailers to install sensors that can read them. Less than 5 percent of the world's cellphones will be embedded with the chips by 2007, according to ABI Research. That number is expected to reach 30 percent by 2011. Only about 50,000 payment terminals currently accept this type of payment."
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