The mobile wallet dream is becoming closer. NFC, or Near Field Communications technology, on mobile phones is the way of the future that allows your mobile phone to be used as a payment method for making purchases, access events or even use public transportation by touching the phone to a reader. Provider O2 announced the UK's first large-scale pilot with NFC with over 500 O2 customers participating across selected sites in London.
The trial begins on 28 November 2007 and will run for six months till the end of May 2008. Participants will be given the Nokia 6131 NFC handset bundled with O2 Wallet, which will hold virtual cards (including Oyster and Barclaycard) with NFC functionality. They can then use it to make purchases in retail outlets or use London's public transportation. An incoming phone call or text message will not interfere with the NFC transaction.
During the initial phase, Barclaycard will also credit each phone with GBP 200 worth of funds for use by the participants. The Nokia 6131 NFC can not only be used for making purchases but also to check available funds. Stay tuned for more news on this one.
Via press release
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