Coming Soon: The Credit Card Cell Phone

You’re probably familiar with SpeedPass, even if you didn’t have one. SpeedPass was a simple concept; an RFID tag inside a keychain attachment that you waved in front of the Mobil gas pump. It recognized you by your keyring and were charged accordingly. No credit card needed, since your card was already registered to your SpeedPass key.

Well, ViVOTech is looking to bring that same kind of rapid payment method to your cell phone. After years of development, it has begun to strike deals with credit card companies and retail outlets to support cardless and contactless purchases, just by waving a cell phone.

RFID is expected to take off in a big way. There have already been 20 million credit cards issued with RFID chips, allowing for purchases without having to manually hand over a card, according to Mohammad Khan, president of ViVOtech. But he thinks there’s even more security to be had with a cell phone than a credit card.

Full article: internetnews.com