Mobile payments come to the Galaxy S3 for owners of the smart phone.
We have all been waiting to hear about mobile payments through the use of the NFC chip technology for most of last year. We had hope that it would take off in early 2012 as more phones were released with the necessary chips. And financial institutions would have worked out all the necessary details to make things work. The POS devices in stores appears to be close to being completed. Everywhere you go, you see them.
But things have not taken off and in fact, we really have not even seen them start. There are pockets here and there of mobile payments, but no large scale acceptance at this time. But it does appear that is starting to change with activities in London being reported this week. The picture above is from a ZDNet article showing mobile payments in action. This is not available to everyone in London, but is being handled as a test with 850 Galaxy S3 phone owners getting the Visa payWave. The payWave is the software from Visa which is accepting the payments between the Galaxy S3 phone, the merchant and Visa to complete the transaction.
Visa is heavily involved in this effort and has put together a video on this in action in London during the Olympic games. We are providing it here for your review. It shows the Visa payments in action to demonstrate just how easy it actually is. And they even take the time to explain a little about what happens if you lose your phone. It is obvious that they are making this a sales job to convince people to move to using NFC payments. It is coming and is now just a matter of how fast it will catch on.