Contactless Mobile Phone Payments

By: SimonDuffy

This sounds interesting, and I think it's quite cool too...OK I'm sad for getting excited about things like this.

The Royal Bank of Scotland has today announced it plans to run internal trials with a contactless mobile phone payment system until the end of the year. If the trials are successful they will look to roll out customer trials in early 2008.

The system will be called 'Tap n Go' and will revolutionise the way people shop and make their daily debit transactions. The idea is you place your mobile phone on a contactless payment terminal and your transaction is processed in seconds. This will mean that you could buy a coffee or a book without opening your wallet. The payment system will only work for amounts under ?10.

This all sounds good to me it should, in theory, be much quicker to simply touch your mobile phone against a payment terminal and off you go. It should also make the shops happy because it means less time at the till for their staff and their customers. Speedy shopping and less of our time wasted in queues! I suppose you'd need everyone in the shop to be paying by mobile for it to have any affect - oh well, I still think its cool.

Mobile phones are owned by around 80% of UK adults and are rapidly becoming much more than just a phone. Most, if not all, mobiles today have cameras, music playing and storage features, a text messaging service. The main benefits of the new 'Tap N Go' service are speed, safety and convenience. I think mobile phones could easily become the next mainstream payment solution behind credit or debit cards, and why not?

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