In a trilliion dollar market whats a few 10's of...

In a trilliion dollar market whats a few 10's of million?

"Mobiles morph into credit cards
Karen Dearne
JULY 04, 2006
A NEW technology, near-field communications (NFC), is set to turn phones into credit cards.

Nokia and smartcard supplier Giesecke and Devrient last week announced a joint venture that aims to offer consumer applications, such as credit cards and public transport tickets, wirelessly downloaded from the internet to NFC-capable devices.
"We are combining two technologies of the future - cellular phones and secure, contactless smartcards," G&D chief executive Dr Karsten Ottenberg said.

"We believe the secure chip management platform offers vast opportunities for new markets."

The platform will operate in white-label mode, interfacing with the IT systems of various service providers, such as banks issuing credit cards.

Users can download an application over the air into their Blackberry or phone, G&D local marketing director David Curtis said.

"It's just a matter of equipping your mobile device with an NFC chip and an antenna to pick up the radio frequency," he said.

"That can be done on today's SIM card with separate connectivity, or it can be actually built into the hardware."

NFC has been tested in banking applications -- the Visa Wave card and MasterCard's PayPass - a tap-and-go contactless technology for small transactions being tested by the Commonwealth Bank.

The system is similar to e-tags used by drivers to pay road tolls. Users hold the card on the shop counter and wait for a beep. No signature or PIN is required.

Convenience stores, including 7-Eleven, are part of the pilot.

Australians were keen to try smartcards, Visa executive vice-president Bruce Mansfield said.

The Australian"