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Germany Networks Working Towards Mobile Payments Launch by Year-End

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Germany's three largest mobile networks, Telef nica Germany, Telekom and Vodafone are pushing ahead with their joint activities in mobile payments. The three networks intend to register their payment service mpass as an independent company, and have signed a letter of understanding to this effect. The new company is due to begin operating as early as this year.

The new company will concentrate on stepping up distribution and marketing activities, as well as developing new products based on NFC technology.

"Payment by mobile phone will increasingly feature in our daily lives," says Michiel van Eldik, Managing Director of Wholesale & Partner Management at Telefónica Germany.

"It has actually been possible for several years. And the first NFC smartphones, with full functionality for all aspects of credit and bonus cards, are already in the stores. I think that even as early as next year, consumers will be leaving their credit cards at home and paying by mobile phone instead."

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Tags: telefonica  vodafone  t-mobile  mpass  Germany