Nokia joint venture to secure electronic payments
Nokia has formed a joint venture with a smart card manufacturer to secure electronic payments made using a short-range wireless technology called near-field communication (NFC) useful in financial transactions such as credit card purchasing or public transportation ticketing.
The new company, formed with Germany's Giesecke & Devrient, will create and operate a service platform that can be used by banks or mobile phone network operators to securely manage transactions made using cell phones equipped with NFC technology. Users simply wave an NFC-equipped device in front of a reader to make a payment.
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