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eMoney News

Mobile payment trial launched
4 Mar 2010

A Canadian mobile commerce company is to trial the use of contactless payment technology, often used in smart cards to pay for transit or goods.

A sticker is attached to the customer's mobile phone, the customer taps their phone at checkout and the transaction is complete.

Long queues and desperate searches for loose change in pockets could well become a thing of the past as a result of the new system.

Robin Dua, the president of EnStream LP, which is behind the trial, said that their new product would allow customers "to make their regular store purchases quickly and securely."

Sensitive financial information is not stored on the payment device itself but, instead, on secure servers.

This means that even in the event of theft or loss, the security of the customer's account with the company is not breached.

sQuidcard offers a similar service in much of the UK. The customer uses a pre-paid smart card to pay for products and services without the inconveniences associated with cash payment.

Moreover, as the product is pre-paid, there is no age limit restricting its use, meaning that children can use it to pay for their school lunches, with parents able to monitor their child's diet online.