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UPDATE 1-Dutch deal paves way for mobile payments in 2012
September 9, 2010 / 9:46 AM / 7 years ago

UPDATE 1-Dutch deal paves way for mobile payments in 2012

* Three banks, three phone firms sign letter of intent

* Expect phone-based payments by 2012

* To set up joint venture (Adds details)

AMSTERDAM, Sept 9 (Reuters) - The Netherlands’s three largest banks and the three largest mobile phone operators in the country said they had signed a letter of intent to let people pay for goods and services nationwide with their phones.

By 2012, people will be able to hold their phones against a point-of-sale terminal in shops and pay using ultra-short distance wireless communications and secure data stored inside the phone, the six groups said in a joint statement.

The banks are Rabobank [RABO.UL], ING ING.AS and ABN AMRO [ABRGPA.UL], and the mobile operators are KPN (KPN.AS), Vodafone (VOD.L) and Deutsche Telekom’s (DTEGn.DE) T-Mobile. The companies said they would set up a joint venture for the program, adding it was the first time in Europe banks and mobile operators had joined together to collectively enable mobile payments.

The system’s platform will use wireless standard NFC (near-field communication), which transmits over a few centimetres, rather than the mobile network. Secure payment software will be on the phone’s SIM card.

The system is not new, however its use has been limited so far to Japan and some testing in the United States by banks and Visa (V.N). (Reporting by Ben Berkowitz; Editing by Karen Foster)

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