Cellcos, banks strike accord to facilitate m-payments by 2012

10 Sep 2010

Dutch wireless operators KPN Mobile, Vodafone and T-Mobile have signed a letter of intent with the country’s three leading banks to enable mobile payments (m-payments) using the near-field communication (NFC) wireless standard by 2012. The banks involved – Rabobank, ING and ABN AMRO – hope that by that date customers will be able to hold a mobile device up to a point-of-sale terminal in shops and make m-payments using NFC technology, which uses ultra-short distance wireless communications and stores the data securely on the user’s SIM care via software loaded directly onto the phone.