"The developed world isn’t going to see a economic transformation in the same way emerging markets might, but major players are taking note and moving forward. Established and start-up companies are testing the waters in mobile money transfer (ie. PayPal Mobile), but the future is looking toward point-of-purchase transactions with the mobile device. This idea, coined contactless payment, entails scanable hardware embedded in/on the device.
At the Cartes Exposition in Paris two weeks ago, Visa showcased it’s contactless system with Nokia that will be introduced in the next year. This system allows items under a certain price threshold go through immediately and for items over, the user will be prompted to enter a PIN number for added security. Another similar system, Mastercard’s PayPass mobile program partnered with Blackberry, is currently pilot testing in Canada. And American start-up Bling Nation is working on a smaller scale to create local networks of banks and participating retailers with mobile device transaction capabilities."
Read Jill's complete blog post here.
This is definitely a trend to keep an eye on, and something that will likely show up in every list of predictions for 2010... including mine!