India prepares for contactless mobile payment
Posted: July 02, 2009
By: siliconindia.com
Bangalore: Move over credit cards, India is now preparing to use the mobile contactless payment method. Citibank has announced the launch of Citi Tap and Pay pilot service in Bangalore as an effort to make the mode of payment more convenient.
Using the NFC or Near Field Communication technology, Citi along with Nokia, Vodafone, ViVOtech and MasterCard, is aiming to gain insight into a wide range of parameters including, assessing customer acceptance to making contactless transactions through mobile NFC. This technology allows the user to use the phone instead of a credit card to make purchases at the grocery store, bookstore or eating joint. If the technology becomes a success in India, it will be a big opportunity for other banks to tap into the market with Citi as pioneers in the field………..[read entire story]
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