T-Mobile to Bring NFC Payments
The German carrier wants a piece of the mobile payments action
Financial services giant MasterCard and mobile carrier Deutsche Telekom announced yesterday that they would partner to accelerate adoption of mobile payments, which allow consumers to use their mobile phones to pay for goods and services. MasterCard sees business opportunity in Deutsche Telekom's 93 million mobile customers in Europe. The companies plan to begin in Poland and Germany, Deutsche Telekom's home country.
The effort will begin with mobile phone tags and cards, with a "mobile wallet" service to follow. The mobile wallet will be open to MasterCard's partners, such as banks and other financial institutions. Deutsche Telekom will funnel its part of the effort through its ClickandBuy subsidiary, which holds a license to manage electronic funds. The growing market - Gartner estimates it to be worth $617 billion in just four years - has attracted numerous players large and small, all of which hope to get a piece of the action.
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