Trade-in mobile for chance to use phone to make payments

01/02/2011

Trade In Mobile For Chance To Use Phone To Make Payments

Individuals with only the most basic handsets to their name may wish to trade-in mobiles now and switch to one of the latest designs.

That is so they can take advantage of new technology, which Neil Munroe, spokesman for Equifax, believes many people will use to pay for low-cost items in shops around the UK.

The expert, commenting on the upcoming introduction of contactless payment methods, admits he does not see it being used for high-priced items at first.

However, the prospect of swiping a mobile in stores to pay for smaller goods is a tempting and realistic one.

"The positioning of it will be very much more around using it for [smaller] transactions," Mr Munroe states.

His words follow details of the technology announced recently by eWise payo, which said it will allow consumers to purchase items, services and pay bills without having to provide financial information to any third parties.

Posted by Simon Thomas