Users of a device equipped with a near-field communications (NFC) chip can wave the device near a reader to make a payment or other transaction. The chips can be used in credit cards or phones, which customers can use to pay for items in a store or debit an account to access public transportation, for example.
Nokia has other NFC initiatives as well. It is the majority owner in Venyon, a joint venture company with Giesecke & Devrient, which is developing a service that banks and mobile operators can use to securely manage transactions made by cell phones with NFC technology.
Late last year, Nokia also announced that it was part of a trial in New York City with Citigroup, MasterCard and Cingular Wireless that lets users pay for items in certain shops using their NFC-equipped phones.
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