Eftpos vendor Trintech has partnered with Germany's ncs Inc to to deliver secure point-of-sale payments using credit card information stored on a mobile phone.
The mobile payment technology developed by ncs Inc. stores numerous credit cards using Triple DES encryption on any German mobile phone.
To initiate a transaction, consumers dial the ncs host which then sends back a four-digit PIN authenticating the user. This PIN is entered by the merchant into the Trintech POS terminal for authorisation by the ncs host system.
The partnership enables German consumers to use their credit card at the point of sale without the need to carry and swipe the normal plastic card.
Rolf Krause, managing director at ncs, comments: "We believe that the ability to store and transact using a mobile phone at the point-of-sale is an important evolution from existing credit card payments."
The interaction between ncs technology and Trintech terminals is being demonstrated at this year's Cebit tradeshow in Hannover, Germany.