Weve's got the latest way to pay with your phone
Another day, another way to pay for stuff your smartphone. The race to create a secure mobile payment system has been long and arduous, full of unscheduled toilet breaks, but the most convincing platform so far is the dreadfully named Weve, which will be unveiled today. (Weave? We’ve? We HAVE?).
The reason it’s convincing is simple – Mastercard is helping to develop the system, and Vodaphone, 02 and EE are backing it.
Paypal, Google, Zapp, Orange - they’ve all attempted mobile payment platforms, but so far, we’re still not paying for our bread and milk with our iphones.
But Weve was formed by a triumvirate of British mobile companies - which cater for 80% of UK mobile customers – and Mastercard are currently building a system which will link bank cards to SIM cards. Then, they plan to sell the system to individual banks, so that customers can pay using their branded apps. All you do is tap your phone onto a card reader (like an Oyster card) and you're done.
So will Weve finally put pay to plastic?
‘Mobile payments are the thing that everybody's talked about but nobody's managed to do,' boasted Weve chief executive David Sear, possibly from the saddle of a white steed. 'It's been a mess. We bring scale and people with mobile devices. Mastercard is doing the same for bank customers – one infrastructure provided by Mastercard talking to one infrastructure provided by us.’
IT CAN'T FAIL.