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US Bank trials cashless payments

US Bank trials cashless payments

(30 January 2008 – USA) US consumers won’t need to worry if they don’t have enough cash to buy their Big Mac and chips as long as they have their mobile phone with them. US Bank is teaming up with Nokia and MasterCard to pilot cashless mobile phone payments for low value purchases in Washington state in the US.

Customers who agree to participate in the program will be given a Nokia mobile phone with MasterCard PayPass payment functionality, allowing them to make purchases with a tap of their mobile phone.

US Bank is owned by US Bancorp, and is the sixth largest commercial bank in the US.

According to MasterCard, merchants who already accept PayPass include McDonalds, Jack in the Box and 7-Eleven.

Finnish company Venyon will provide secure over-the-air delivery for the US Bank trial.

Research in the US estimates that between eight and 30 million North American consumers will use contactless payments by 2012.
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