Wednesday, 2 May 2007

Nokia Joins 'Mobile Wallet' Initiative

Nokia and many other mobile phone makers like Samsung Electronics and LG Electronics are signing up for the GSM Association's "mobile wallet" initiative. This programme’s aim is to create a global standard based on an embedded, wireless chip in a cell phone that will provide a customer with the option to pay for something by putting the phone over a wireless reader.

The other companies that have joined the venture are AT&T, China Mobile, and NTT DoCoMo.

The 'Pay-Buy Mobile' project was kick started in February. This initiative was started by AT&T, China Mobile, NTT DoCoMo, Telecom Italia, and others.

The experimental phase of the project will be started in South Korea. The country has high mobile penetration.