Telstra to embrace mobile payments

Telstra has revealed it plans to launch a mobile phone-based payment service offering users the ability to use their phones for small “touch and go transactions” such as fast food, retail transactions and public transport. Telstra will utilise ‘near field communications' (NFC) technology that allows users to transmit secure transaction codes via the phone to pay for goods and services. NFC is becoming the technology of choice for providers through Europe and Asia whilst both Visa and MasterCard appear to have adopted the NFC standard.