That story about Nokia and Visa hooking up at CES is true. We told you about it then. Now we’re here to expand on that story.
This time, it’s MasterCard who’s involved with Nokia on the mobile phone wallet plan. Samsung, LG, KPN, Maxis, Orange, and O2 are in on it as well. The combined might enables you the ordinary consumer to use your mobile as a method of payment. Those who accept such payments will need a wireless reader, which might seem like a big expense until you remember the cost of that credit card machine that every vendor has nowadays. Nokia and friends envision the mobile overtaking plastic in terms of ease of use and popularity in paying on the move.
In fact, it’s already happening. Toyko and London now allow travelers to pay for public transport with their mobiles. Other cities are involved as well, especially in Japan.
When the trials begin later this year, you’ll be able to specify a bank account or credit card number and buy, buy, buyusing nothing but your mobile phone. How quickly the general populace experiences buyer’s remorse remains to be seen.