Employees of U.S. Bank, the fifth largest bank in AMerica, are testing the system which allows people to pay for products simply by waving their phone handset over the contactless payment terminal at the shopping register.
A microSD equipped with a chip that securely stores one's credit or debit details is inserted in a mobile device and is read by the terminal. For iPhones, the microSD can be embedded into a specially-designed and patented iPhone case. The payment capable microSD and iPhone case are the product of US-based DeviceFidelity.
The contactless payments system is password protected and can be immediately disabled by the bank in the event the device is lost or stolen.
The pilot brings together Monitise's expertise in mobile financial service apps with DeviceFidelity's In2Pay microSD memory card and Visa's payWave contactless transactions technology.
Alastair Lukies, Chief Executive Officer of Monitise, said: "Monitise is proud that its technology is at the heart of U.S. Bank's contactless payment pilot. The convenience of the payment service, combined with Monitise's bank grade security, makes every day purchases safer and easier.
"Contactless mobile payments reduce the need to carry cash and as a purchase can be made in less than a second, shoppers will be able to buy their morning paper or lunchtime snack without joining a long queue."
In September of this year, Monitise announced its partnership with DeviceFidelity to launch advanced contactless payment technology for mobile phone handsets.
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