Vodafone launches new smartphone ‘mobile wallet’

Published on 1 January 1970 by Raffick Marday

Leading mobile network provider, Vodafone has recently launched a new easy payment system using smartphones. The contactless payment will enable shoppers to pay via their handsets as opposed to making payments using cash or credit cards.

The mobile phone giant, working in partnership with Visa, is hoping to launch the service from autumn this year. The move comes as banks, such as Barclays, and other providers also roll out contactless payment systems.

The new service from Vodafone is set to launch globally later this year and will be based on a Visa prepaid account. It will be restricted to Vodafone users.

The system will work much like the Google wallet and London Oyster card. Users will simply tap the device on a pad, which will enable the transaction to be processed.

By simply swiping their phone at a payment terminal, users can make small purchases for everyday items such as newspapers or drinks without the use of a PIN code. However, for purchases of £15 or over a PIN number will be required.

Vittorio Colao, Group Chief Executive Officer of Vodafone, commented: “The Vodafone mobile wallet represents the next stage of the smartphone revolution. It offers our customers the speed, simplicity and convenience of managing their everyday transactions with a single wave or tap of their smartphone, using innovative and reliable services developed by Vodafone and Visa - technology and providers they can trust.

“Our mobile wallet will be open to any service provider and we are committed to enable all partners to provide our joint customers the richest service portfolio possible."

The phone will use Near Field Communication (NFC) to enable smartphones to make the contactless payment.

Google has launched its own version of a new contactless payment method. However, the android giant has come under a wave of controversy because a serious security flaw was found within the system.

The device was said to be vulnerable to being exploited by digital pickpockets. This is due to the discovery that unauthorised access could be granted by changing the settings on the device.

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