Telstra, National Australia Bank and Visa have joined forces to test out near field communications (NFC) -- a technology which allows users to pay for goods by placing their mobile phone on a reader.
Australia and New Zealand Banking Group and card provider Visa have launched a new transaction card that can make small payments without the need for a personal identification number or signature or even touching an EFTPOS terminal.
Two cards containing microprocessors that generate one-time passwords are being touted to Australian banks as possible replacements for tokens and passwords delivered by SMS and one is already being trialled by Visa.
Visa International is making a push with a new smart-card payment system that would allow hands-free transactions.
With both MasterCard and Visa testing smart card technology, miniature computer chips and radio antennaes are set to take over from the tell-tale magnetic strips which have so long been core to card-based transactions.
What's holding back smart cards from widespread use in Australia? Could it be that vendors haven't found the applications consumers really want?
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