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Tap and pay for purchases with mobile phones at end of August

Published on Aug 3, 2012 4:14 PM
 
A mobile phone showing how the new payment service works at the launch of Singapore's NFC Services launch held at the Fairmont Singapore Hotel, on August 3, 2012. The near field communication (NFC) payment service lets users tap an NFC-enabled mobile phone on an NFC reader to make payments at retail stores. -- ST PHOTO: NEO XIAOBIN

From the end of August, consumers can pay for purchases at retail outlets and taxi fares with mobile phones that are equipped with near field communication (NFC) capabilities.

NFC is a short range wireless communication technology that transmits data between a mobile device and a reader.

The transmitted data can either be an advertisement or payment info.

The new payment service, which is developed by a consortium that includes Gemalto, EZ-Link, DBS, Citibank, SingTel, StarHub and M1, effectively turns your mobile phone into a wallet, which comes with credit, pre-paid or stored-value payment options.  

 
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