Visa, Nokia turn cell phones into credit cards

Visa has launched a global system to turn mobile phones into wallets for millions of customers in a deal with the world's top handset producer, Nokia. C/net reports.

"Consumers will be able to pay for groceries and other purchases by swiping a phone over a reader that electronically communicates with a microchip on the phone. Phone owners confirm the purchase with the push of a button and the deal is complete.

... The wireless standard that will link mobile phones with payment systems in stores and elsewhere will be the near field communication (NFC) chip, which will be hidden under the phone cover and makes contact when swiped over a reader.

emily | 7:29 AM | SMS and Banking |
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