Financial Technology

Financial Technology

July 07, 2011

Telenor Offers Turnkey NFC Solution for Norwegian Mobile Contactless Payment Project

Using infrastructure provided by Giesecke & Devrient (G&D), Telenor (News - Alert) have launched a trial of a new mobile payment solution in partnership with Norwegian financial services provider DnB NOR.

Based on G&D’s high-security, scalable, and high-availability SmartTrust (News - Alert) NFC Service Manager, G&D uses this technology to provide its Trusted Service Manager service, the company has stated.

Contactless payment with NFC-enabled mobile phones offers users a number of advantages in the Tap2Pay project. As customers simply hold their mobile phone against the payment terminal and the amount is immediately debited to their MasterCard (News - Alert)Ò, paying for items in a store is both fast and easy. While enforcing high security standards equivalent to those of a conventional card payment, this speeds up the checkout process.

“The Oslo test is one of the first in Scandinavia and will be an important milestone towards our use of mobile phones as wallets. We are certain that contactless payment via mobile will become extremely widespread, because we all take our mobiles everywhere we go, and because it’s a secure and easy way to pay,” says Jon Fredrik Baksaas, president and CEO of Telenor, who will be one of those taking part in the test.

Equipped with the new payment terminals, the trial was being carried out in the Oslo district of Majorstua in Kaffebrenneriet coffee bars, outlets of the Vita cosmetics chain and Deli de Luca Group restaurants. The NFC solution behind the Tap2Pay project is provided as a complete end-to-end solution by G&Doctor, the company stated in a press release.

The company recently released a study by a Boston consulting group called “Socio-economic impact of mobile financial services,” which found that mobile financial services are expected to improve the lives of around two billion people in developing countries and boost economies by 2020. The report focused on five countries - Pakistan, Bangladesh, India, Malaysia and Serbia - and explored the effects of mobile financial services in these five markets over the next decade.

Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.

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