Its not only Finland-based phone manufacturer Nokia that’s taking a stroll over the financial market.
Struggling mobile phone maker Motorola also seems to think this is a good idea too. The company has developed a new technology that can turn mobile phones into payment devices.
The I-SIM NFC (nearfield communication) Lite card is a small card that’s almost the same in size as a common mobile phone SIM card, but much thinner.
This card contains chips that can store and transmit info including credit card, debit card, subway card, frequent flyer and other membership card information.
According to T.K. Ng, general manager in the home and networks mobility division of Motorola in China, the good thing about this new technology is that a user doesn’t have to get anew SIM card, a new phone or a specially-designed card reader!
It’s made as a sticker that can be attached to a mobile phone SIM card, not adding that much thickness to the SIM card that it can still fit in the SIM card slot. This card also is designed to work with standard card readers, such as that used by stores and those card readers on buses, subways, trains, etc.
The I-SIM NFC is planned to be first launched in Taiwan and then China. Ng said he hopes Taiwan can be the testing ground for the card because people are already used to using a variety of cards in making payments. A lot of stores in the country also carry card readers too, including 7-Eleven.