Using your mobile as an electronic purse
The financial and telecom sector together will launch a new standard product for mobile payments in 2011
Brussels - The Belgian financial sector and the Belgian mobile telephone companies – Belgacom, BASE (KPN Group Belgium) and Mobistar – have joined their efforts in order to launch a new mobile payment system in Belgium. Currently, they are looking at the possibilities for jointly developing and optimising a product that will be accessible for the public at large. Their aim is to introduce this innovative product, as a result of a joint development, in 2011.
The continuous technological improvements, the growing range of mobile telephone functions (telephone calls, SMS messages, pictures/images, internet access, etc.) and the ever increasing userfriendliness have turned the mobile telephone into an indispensable tool for all Belgian citizens. Consequently, the financial sector, which wants to give a new boost to electronic payments in Belgium, and the telecom sector have started discussing about a new step forward in the field of payment systems.
The financial sector and the three Belgian mobile telephone companies – Belgacom, BASE (KPN Group Belgium) and Mobistar – are trying to find a way to put their experience, know-how and expertise together so as to offer a new standard product for mobile payments on the Belgian market. The discussions focus on payments security and userfriendliness of the new product for consumers and merchants alike.
The purpose is to make it possible for consumers to swiftly use their mobile as an electronic purse for the standard payment of small amounts (maximum 25 EUR). The system relies on the use of SMS and contactless ‘Near Field Communication’ (NFC) technology.
In practice, this new and fully mobile system will allow consumers to use their mobile for paying their car park ticket, bus fare, drinks and even their online purchases. They can also use the system for recharging their electronic purse, without having to go out or use their computer.
This technological innovation also creates new opportunities for merchants in the field of payments.
The new system, which is innovative and unique at the same time, is the result of a close cooperation between the financial sector and the telecom sector. Both sectors are convinced that the development of a standard product is one of the key factors for a fast and effective growth of mobile payments in Belgium. This puts Belgium into the group of European pioneers in the field of mobile payment systems.
The new payment system is scheduled for launch in 2011. The financial sector and the mobile telephone companies will provide more information upon the occasion of this launch.
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