European Wireless Carriers Form Clearinghouse for Mobile Purchases

Four of Europe's largest wireless carriers have teamed up to create the Mobile Payment Services Association to offer a system for providing secure payment mechanisms between merchants, mobile phone users, and banks. Historically, most "m-commerce" solutions haven't done well at all. It's tough to convince people they want to buy stuff via their mobile phone - but the carriers insist this will be different and add much more value. It's designed for small purchases that run less than $10, so it's basically looking to replace the cash you carry around. It certainly has big name backers between Telefonica, T-Mobile, Orange, and Vodafone. They say they'll start it out in Europe, but will try to bring it to the US and Asia next year.

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