The three telecommunications providers intend to register their payment service mpass as own company, and have signed a letter of understanding to this effect. The new company is due to begin operating as early 2011.
Once the mobile payment scheme mpass is up and running, the three telecommunications providers plan to expand their position on the German mobile payment market. The new company is expected to concentrate on stepping up distribution and marketing activities, as well as developing new products. Aided by new technologies such as Near Field Communication (NFC), the three companies are planning to allow users to carry out secure and wireless payments in high-street shops.
The service is thus set to enable secure mobile and contactless payments for mobile phone users from all of Germanys networks. Sensitive customer data such as bank details are not sent to the trader as part of the purchase process. The payment order can only be authorized from the buyers mobile phone.
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