Japanese companies form 'mobile wallet' alliance

According to Reuters, Japan's credit card companies, formed an alliance on Tuesday to promote a standard that will allow use of mobile phones in lieu of credit cards regardless of the issuer.

"Users of most popular credit card issuers would be able to use their phones to pay for items at any store equipped with a QUICPay scanner. The amount of purchase would be charged on their regular credit card bills.

The so-called "wallet phones" are ultimately intended to replace cash, credit cards, identification cards and electronic plane or train tickets."

emily | 6:07 PM | SMS and Micro Payments |
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