Modern technology gives us many things.

New system lets you make payments with your mobile

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visathumbpay with mobile

Your mobile phone will soon become your wallet after the introduction of a new contactless payment system.

Visa, in conjunction with ANZ, has begun a four-week internal trial in Sydney and Melbourne so users can make purchases of $100 or less with no PIN or signature.

The service is enabled with a special protective iPhone case with a secure microSD card which provides access to a pre-paid ANZ account.

  



Payments can be made by holding the phone within 4cm of a terminal which is already installed across more than 20,000 retail outlets in Australia.

These include fast food restaurants, petrol stations, bookstores, clothing stores, vending machines and sporting stadiums.

A Visa app on board the iPhone allows user to enable the transaction before waving the device near the terminal.

And like your credit card, transactions are protected by Visa Zero Liability Protection and ANZ’s fraud money back guarantee so the user is not liable for any unauthorised payments.

The payment system can also be quickly deactivated if the phone is lost or stolen.

  
     

“This is all about making banking simpler and more practical for our customers. Mobile contactless payment is the next step in this evolution and we’re excited to be breaking new ground with this trial,” said Sam Qubrosi, ANZ head of product management consumer cards and unsecured lending.

Vipin Kalra, Visa Australia Country Manager says the trial marked the start of a a new phase for payments in Australia.

Users can pay for products under $100 by waving their mobile in front of a terminal“There’s no doubt that mobile Visa payWave will be the way of the future and I’m sure that the participants will find mobile payments to be a convenient and easy replacement for cash, ideal for fast, simple transactions.

“The possibilities with mobiles are endless, your mobile could allow more than just payments – you could manage your account, detect fraud and receive real time offers.”

Apple was rumoured to be introducing this NFC (Near Field Communication) ability to the iPhone 5 which will be released in July or the iPhone 6 in 2012.

Google’s Nexus S, created in partnership with Samsung, already has NFC on board.