New York, NY, 10 January, 2005
The New York Times published an article
by Matt Richtel in the Technology section
entitled, "Momentum Is Gaining for Cellphones
as Credit Cards."
Excerpts from the article:
...new handsets could become "a major form of payment, because
cellphones are the most ubiquitous device in the world."
...consumers will readily embrace the
technology as a way to pay for even small purchases,
because it is less bother than taking a credit card out of
a purse or parting with cash.
...major credit card companies have developed "contactless
payment" technologies for checkout counters that allow
customers to wave their cards near an electronic reader
without having to swipe the card or sign their name.
MasterCard, for example, has introduced a system called
PayPass that lets cardholders wave a card in front of a
reader to initiate a payment, much as motorists use E-ZPass
and similar systems to pay tolls and ExxonMobil customers
use SpeedPass to buy gas. Several major credit card
companies issue PayPass cards; McDonald's has agreed to
accept them at some restaurants.
Cellphones are becoming mainstream payment devices in Korea
and Japan. In Japan, NTT DoCoMo, the mobile phone operator,
said that it had already sold more than a million phones
equipped with chips that include the payment function.
More than 13,000 Japanese shops have electronic readers
capable of communicating with the phones. For now, the
phones are used mostly to debit a prepaid amount, which is
deposited by plugging the phone into a machine similar to
an A.T.M. that takes cash and credits the handset.
In South Korea, people are already using cellphones as
credit cards, ...American consumers would eventually
embrace these new functions...
To see the New York Times article in full,
click here.
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