Every day seems to bring more news about mobile payments, as technological advances abound and the world goes wireless. The latest development on the mobile payment front is the Nokia Lumia 610 NFC phone, which has a built-in chip and antenna that allow customers to pay with MasterCard`s PayPass system, anywhere it is accepted.
There are over 425,000 PayPass terminals located in over 40 countries across the world, making it easy for people to find a place to use this technology if they have the phone, and a MasterCard. All they have to do is set up their MasterCard credit card through the Nokia Lumia phone, and have PayPass enabled. Then they`ll be able to securely make payments with their phone, simply tapping the Lumia against the payment terminal, instead of their credit card or debit card.
Only certified devices can run PayPass, ensuring that security requirements are met, along with regulations about transaction speed and signal strength. James Anderson, Group Head and Senior Vice President of Mobile Product Development at MasterCard, addressed any lingering security concerns that customers might have with the following assurance: “Whenever you`re dealing with money, people will have concerns about security, but we are a trusted brand and we have built our security from the ground up, using the secure element in the phone to ensure that PayPass is safe, secure and simple.”
Anderson went on to say, “We`ve been working with Nokia since 2005 as founding members of the NFC Forum, and we are delighted to certify the Nokia Lumia 610 NFC. Over the years we`ve worked with Nokia on a number of pilots, and now we`re pleased to see this progress on a commercial scale”.
How Does It Work?
NFC technology, or Near Field Communication technology, is the technology that supports applications like Google Wallet and other wireless payment systems. Nokia Corporation was the first to launch a mobile phone using NFC technology in 2006 under the name “Bluetooth” which is probably a more familiar term to consumers than NFC is. Bluetooth technology allows the transfer of wireless information and is the basis for the explosion of mobile payment options today.
With the Nokia Lumia 610 phone, the built-in NFC chip receives a secure signal from a Point of Sale (POS) terminal. The signal is read by a secure element (like a SIM chip) on the phone, and the phone, using the PayPass application, then sends payment data back to the POS terminal.
Making Life Easier?
Most people probably don`t care too much about the tech specs of how these things work, as long as they`re secure and they make life easier. When customers don`t have to worry about carrying cash or credit cards with them, but can integrate as many elements into their phone as possible to minimize the amount of stuff they have to carry with them, it can only make it easier to get things done.
A world in which we carry all our identification, payment methods, and tools for living inside our phones is a world that makes both buying and selling easier, giving newfound freedom and flexibility to merchants and customers alike.