You can Use Your Mobile Phone as a Credit Card

Think about those days when you will be able to buy grocery by swiping your mobile phone. We have already seen that the technology allows bank information to be stored in the memory card of a mobile phone. Credit Card major Visa has planned to tie up with a Turkish bank and launch this technology.

Visa Europe in collaboration with Turkis Akabank is already using this technology to store bank information in the memory card of Mobile phone. The same technology which allows a credit card to be swiped in a special reader is being used in this latest cellphone concept, it said. The memory card that brings Visa’s new “payWave” technology to any phone with a memory card slot, was  developed by the company DeviceFidelity as per Xinhua. Mary Carol Garris, head of Visa Europe’s mobile technologies department commented that the same technology can be used in future to transfer money from one account to other account.

According to the Visa Europe’s regional director Berna Ulman , Turkey is the pioneer for credit card technology in Europe.  It already launched 30,000 payment devices across the country. For security reason if you want to purchase anything over 35 Lira, you need a pin number for this. Otherwise, you can swipe through directly for any amount below 35 Lira. Deputy chairman of Akbank added that Turkey has 85 million cellphone subscribers and ranks second in Europe in terms of Credit Card use.