Mobiles to become digital wallets

Source: Technology Digital

Date :04/09/2007 10:41:15

The UK's big five mobile phone firms have switched on a payment system that turns handsets into digital wallets.

The scheme called ‘PayForIt’ is designed for those buying goods and services with a value of up to £10.

The industry hopes it will be used to pay for ringtones, train tickets, parking fees and eventually as a payment system on web shops and sites. Any cash spent via the scheme will automatically be added on to a customer's phone bill.

Micro payment

Anyone paying for goods with PayForIt will see an information screen that lays out what they have bought, who it has been bought from and how much it will cost.

Mike Short, chairman of the Mobile Data Association said "It's about opening up the micro payment choices, but it's not a total cash replacement."

It is said that PayForIt will appear as a payment option on sites that people can get to via their handset and soon will also appear as a way to pay on websites too.

Companies such as I-play, Gameloft, EA, Multimap, SonyEricsson and Samsung have become the first to sign up and let people pay using the PayForIt system.

PayForIt was first announced in March 2006 and the official start date for the scheme was 1 September.

September 4 2007