Financial and telecom sector in Belgium are developing mobile wallet

Major players in the financial and telecom sector in Belgium are joining forces to develop a standard product for mobile payment. Users of mobile phones should be able to pay up to 25 euros with it.

Launch this year
Belgacom, Mobistar and Base want to develop this product together with the financial sector. The financial sector hopes to boost electronic payments in the country. The roll-out has to take place this year.

For the new payment system SMS and NFC will be used. Consumers can use the mobile wallet to pay for products like a bus ticket, drink or other online purchases, but also pay for a parking space. Also charging should be possible through the new product.

A product that is developed jointly, will have more chance of success, argue the parties. It will also contribute to the development of mobile payments in Belgium.

Source: Emerce