Ever worry about letting your credit card go walkies in a restaurant with Chip and Pin devices? All that may be set to change thanks to new technology from ARM who are looking to turn your mobile phone into a payment device.
Users would wave their handsets over a reader which would deduct money accordingly, a concept familiar to any who have used London’s Oyster Card transport payment system. ARM insist that the technology would include all the security protocols currently used by Chip and Pin devices, so losing your phone may not necessarily mean your finances are open to abuse.
“One of the greatest concerns with the current system is that you have to trust the device you are using hasn’t been compromised,” an ARM spokesperson told Pocket-lint. “With this system you’ll be using your own device.”
The company believe the technology could be widely used in as little as five years time.