Germany's Dortmunder Volksbank is introducing a contactless mobile payments service.
To use it, customers must have Telefónica's O2Wallet and be using either the Samsung Galaxy S3 or Samsung Galaxy Ace 2 NFC-enabled smartphone. They will also need an O2mobile contract and related NFC SIM card. They will then be able to use their mobiles to make purchases of up to Euro 25 at MasterCard PayPass terminals. For larger transactions, a PIN will be required.
Giesecke & Devrient is providing its Trusted Service Manager technology. which ensures that the payment application and data pertaining to payment and security are transferred via the mobile network to a secure element on the SIM card using a multiply encrypted connection.
Telefónica signed an agreement last year with DG Verlag - a systems integrator owned by Germany's cooperative banks - to collaborate on mobile payments. Dortmunder Volksbank is the first to get onboard with the technology.
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