I’ve heard of companies using the cell phone as a tool for ecommerce. Many of these solutions use the cell phone to transmit information from your account to the retailer (or an intermediary) in order to complete a transaction.
However, ViVOTech is working on a solution that will embed RFID technology in cell phones to enable them to act like an “EZ-PASS” system.
If you’re a retailer, these new payment technologies don’t have to be the FIRST thing on your mind but you should keep up to date on what’s happening.
Internet News writes RFID-enabled credit card phones will be able to store multiple cards, and the user can choose which card to make a purchase at the point of sale. ViVOTech is going for a variety of markets and wants to be in places like stadiums, cabs and movie theaters.
An RFID-based credit card system is inherently safer than credit cards with magnetic strips, Khan argues, because it’s not worth it to break an RFID chip security for a card with a few thousand dollars of credit limit (although there are concerns over RFID security).
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