Mobile service providers to ally for the promotion of NFC based technology

Competition

The three biggest mobile service providers allied to promote NFC based payment technology in Hungary, among the first ones in Europe to launch such technology. The wireless connection technology will enable payments directly from mobile phones.

Magyar Telekom, Telenor and Vodafone allied with Master Card, OTP Bank and SuperShop in order to promote the Near Field Communication (NFC) based pay services. The trial applications will be launched in 2011, and will be followed by commercial applications in 2012, according to the plans of the six market players.

The six participants founded the Hungarian Mobile Wallet Association (Magyar Mobil Tárca Egyesület), that will plan and implement the technological standards, and make suggestions to the successful introduction of services. The association will also provide the free connection of partners to the service

This joint step of mobile service providers will enable NFC based pay services to spread in Hungary among the first countries in Europe. The NFC based services will replace using cash, credit and debit cards, entry cards and loyalty card. These devices will “move” into mobile phones.

The Near Field Communication (NFC) system is a wireless connection technology that enables devices to communicate without physical contact from a few centimeters distance, and exchange data over a safe channel.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.