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In the news
NFC to be included in most phones
The Near Field Communication payment technology is to be included in most new cellular phone models and this will have an impact on how people pay for the goods they purchase, according to Herman Singh, chief executive of the Standard Bank's Beyond Payments division.
Business Live says that the NFC technology means that funds can be loaded onto an NFC device via a banking website and then, instead of using cash or a card to pay for the goods, you simply tap the phone against the point-of-sale device and the appropriate amount is debited to the account.
Google, Apple, Nokia and BlackBerry are now including NFC technology into the phones and all handsets use the same NFC technology, as do the point-of-sale machines.
Standard Bank tested the technology at the Oppikoppi festival where 60 merchants and 15 000 music fans were given an bank card onto which they loaded money using cash, credit or debit cards. All purchases were made by tapping the card against the retailer's point-of-sale machine and an amount was deducted from the card.
Money left on the card after the festival was reclaimed by sending an SMS using Standard Bank's mimoney system and the bank transferred the funds onto a cellphone-based money voucher that could be redeemed at any store with the mimoney logo.
Read the full article on www.timeslive.co.za.
