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Contactless mobile payments are gaining popularity worldwide

April 30, 2013 Author by Thomas Wheeler

Contactless mobile payments are gaining popularity worldwide

One of the biggest consumer spending trends in the world today is the growth of contactless mobile payments. Consumers are learning to love the convenience of making quick, easy payments using their tablets and smartphones, and the obsession is quickly spreading across the globe.

Most recently, the technology has established a foothold in Germany, where Dortmunder Volksbank is introducing a mobile payment system using Telefonica's O2Wallet.

Users of the new technology will need to have a contract with Telefonica, a Samsung Galaxy smartphone and near-field communications (NFC) capabilities. With all these requirements, they will be able to store credit card information in a virtual wallet, enabling quick and easy payments. For larger transactions, a PIN is needed for added security - for smaller ones, users simply tap their handsets to complete a payment.

DG Verlag, a systems integrator owned by Germany's cooperative banks, plans to monitor the system's progress and possibly decide to introduce it to more financial institutions soon.

Contactless payments have made tremendous gains in recent years. According to Smart Card Alliance, major financial institutions including American Express, Discover, MasterCard, and Visa all have contactless payment initiatives that are issuing tens of millions of contactless cards to consumers.

  

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