Pay for things you don't want with your mobile phone

23 September 2010

phone-moneyIf owning a credit card wasn't bad enough, in terms of making you think that you've got money to spend when you haven't, then prepare yourself for abject poverty. Some bright spark has invented a thing that enables you to pay for stuff by swiping your phone at the till.

Obviously, this will see people claiming that this could be an end to money itself, seeing the people of the world all paying for absolutely everything with some kind of electronic device. Tramps throughout the country are going to be livid when they find out (unless they start developing some kind of digital begging cup or something).

So what's going on then? Well, phones are fitted with special SIM cards which is swiped across the front of a sensor. There's been a trial with a bunch of Samsung phones in Spain, which The Sun reports as being rather successful.

This new way of parting with your wages was developed by a collaboration between Visa, Telefonica and Spanish bank la Caixa.

The system works like this - If you spend less that 20 euros, then you swipe your phone and you're away. Anything above that and you'll be required to tap in a four-digit PIN number. This is to stop bad-shits stealing your phone and buying some disguise kit which costs 21 euros or something.

Apparently, phones can be pre-loaded with cash or linked directly to your bank account. Potential extras could be security passes and travel passes and the like. Obviously, this means that your phone will become even more valuable and important to your life, so if you're the sort of clumsy dolt who drops it down the toilet or constantly leaves them on buses, this is no doubt dreadful news to you. Mercifully, physical-money won't be going anywhere, any time soon.

TOPICS:   Technology   Banking   Mobile


  • bushbrother
    Isn't this the same as what Barclays did with Wave'n'Pay? I am sure they did a trial in a phone together with your Oyster card ...
  • bushbrother
    Yes ... it is!
  • Faceman
    P.I. Number Number ?
  • james
    Could a super 1337 h4x0r not develop some sort of wireless dongle that would automatically donate £5 into an account every time someone walks past? This system seems very easy to abuse! (or it's so crap that you have to swipe your card about 15 times before walking out the shop with no item)
  • Aelynn
    I don't see what the big deal is. Japan's had this system for years.
  • tfeb
    This is the future of money in my opinion. Give it 30 yrs and I reckon cash will be non-existant. Though frustrating none of the networks or banks of really got behing this yet (except Barclay card). See this as a mobile wallet (for purchases under £10 or £20) so if you did lose your phone and someone did get it before you had chance to report it lost at worse you have lost a tenner. Though I think the reason for slow takeup is this technology should be aimed at all shops where smaller transactions are common - e.g. corner shops, fish shops etc but then its the question of who picks up this cost.

What do you think?

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