News

Mobile phone eyed as payment mechanism

June 26, 2005

Associated Press: The nearly ubiquitous cell phone might be taking on one more function soon - payment method. In Japan, NTT DoCoMo boasts 3 million cell phone subscribers who can use their phones to pay for products and services at 20,000 stores and vending machines. MasterCard International is testing a phone-based version of its PayPass contactless payment system, and may conduct "a significant market trial" sometime next year in the U.S. and Europe.