The attempt of DeviceFidelity and Visa to turn the iPhone into a credit card was received warmly by the public. It made it possible for you to leave the inconvenience worth 1 million dollars back home when you went out to eat at your favorite restaurants. However, most people hoped a dream like that would come true. It might be time for the dream to come true according to reports from Bloomberg which says Verizon, AT & T and Deutsche Telekom AG unit T-Mobile are now collaborating to bring close field payment systems into the phones in a massive way.
This attempt is going to be so big that it is going to compete against giants of the credit card industry, Mastercard and Visa. They will be partnering with Discover Financial Services which would be processing the payments and Barclays Plc would be handling the accounts. This will however need some prior installations which include payment equipment in the retail outlets as well as a new piece of technology that is to be integrated with a phone that is actually popular among the users. This problem could soon see its solution with the three largest phone carriers in the United States getting behind the project.
Soon, a pilot program is going to be launched in Atlanta along with 3 more cities where the technology will be tested as people try to pay with a wave of their smartphone. One can only guess if the phone will be a brand new one or if it will be possible with the existing models which are compatible. Other ideas include a sticker at the back of the phone, an idea already being tested by Mastercard. The project is now looking for its chief executive officer. This trial would be the biggest effort of the carriers` to spur the mobile payment idea in the US. The trial is looking to supplant 1 billion cards currently used by American consumers.
According to industry consultant Richard Crone belonging to Crone Consulting LLC, based in California, this is going to be a game changer. According to Crone, the mobile carriers` which are the biggest recurring billers in every market are experts at processing the payments. Meanwhile, Purchase which is the MasterCard based in New York, along with Visa have handled transactions worth 2.45 trillion dollars which accounts for about 82 percent of the consumer spending in the United State.