MasterCard and Weve team up so you can tap to pay with your mobile
A credit card company making it easier to spend your money? No surprise there. But the ability to do so with your mobile, properly at last, thanks to the MasterCard and Weve team up does sound fun.
Weve is a joint venture between Vodafone, O2 and EE that aims to make contactless payments simple.
Until now banks wanting to get involved in mobile payments had to deal with complex development and integration projects, which often address only one area of the market. But MasterCard, which is partnered with financial institutions in more than 210 countries, should remove a lot of that complexity.
David Sear, CEO of Weve, said: "Contactless payments have already been embraced by UK consumers and retailers, with the UK the most advanced market for adoption of contactless cards with around 300,000 retail outlets now accepting payments in this way. With MasterCard, we want mobile to reach the tapping point."
This deal should remove plenty of barriers and help speed up the process of getting rid of our wallets once and for all. How they plan to overcome phone theft is an issue that hasn't been mentioned.