Nokia, carriers join mobile wallet plan

Nokia, and European mobile operators have solidified a global initiative to turn mobile phones into wallets, reports ZDNet.

"... Nokia, alongside two other major mobile phone makers, Samsung Electronics and LG Electronics, will embed a wireless chip into its phones.

The world's biggest payment card company, MasterCard, is also involved in the initiative, which is cheaper and much faster than other wireless payment experiments, like those using SMS text messages.

Trials with the new standard are set to start in October."

emily | 5:37 PM | SMS and Banking |
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