From TechShout Nokia and Mobile Carriers Provide Mobile Wallet
Nokia and several mobile telecom carriers have all teamed-up for a global initiative that will transform mobile phones into wallets, a wireless telecoms interest group announced on Wednesday.
Through this novel plan, consumers will be able to use a phone as a wallet or as an access card simply by waving it over a wireless reader - and in some cases punching a PIN number into the phone - similar to how travelers in Tokyo and London access public transport.
Nokia, along with two other leading cell phone makers Samsung Electronics and LG Electronics, will set in a wireless chip into its phones.
In a statement, Mifare and Felica said, “By combining this secure chip with an NFC chip, a universal contactless IC (integrated circuit) platform can be created for mobile phones.”