Vodafone & Visa launch \'mobile wallet\'

Mobile network operator, Vodafone, has revealed their latest smartphone technology that will allow shoppers to use their handset as payment instead of cash or cards at the checkout. Vodafone has teamed up with Visa to let UK users this autumn purchase goods or services through the use of either waving or tapping their smartphone device. It is hoped that this new service will act as a mobile wallet, and will work in conjunction with Near Field Communication (NFC) enabled smartphones. The Visa payWave mobile system will be released to a global audience sometime this spring, with the mobile payment technology will be based on the Visa prepaid account - however, only Vodafone users will be able to take advtange of this new facility According to Vodafone chief executive Vittorio Colao, \"Our mobile wallet will be open to any service provider and we are committed to enable all partners to provide our joint customers the richest service portfolio possible,\" reported the Independent. Colao also stated that the upcoming payment method represents the next level of the \"smartphone revolution\" and will provide customers \"speed, simplicity and convenience.\" At present, a large majority of smartphones witihin the marketplace do not possess Near Field Communications Technology, but the company has claimed that their upcoming batch of phones to be released towards the end of the year will have NFC. From: ITproportal