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Electronic money to be covered by new insurance product
2 Aug 2011

A new insurance product will allow people to cover electronic money they load on to their phones for use via Near Field Communication (NFC).

Insurance2go.co.uk claimed to be the first company to offer such protection, with managing director Duncan Spencer suggesting "mobile wallets" will be a normal alternative to conventional cards by 2015.

NFC technology allows people signed up to such services to pay for products up to a value of £15 using preloaded credit on their smartphones and Mr Spencer noted that his firm's new insurance product will stop others from getting away with going on a spending spree with your electronic money.

"It would be incredibly frustrating to have your phone covered for loss and theft only to find out after it had been stolen that someone had run up a significant bill," he said.

Las month, it was revealed that the M6 Toll will soon allow drivers to use contactless payment services when they use the Midland Expressway.