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Vodafone unveils mobile payments

Vodafone is launching a new system which turns a smartphone into a cash card.

Partnered with Visa, the system allows users to pay for goods and services with a wave or tap of their phone, using Near Field Communication technology.

For payments less than $24, shoppers will be able to swipe their phone at a payment terminal. For anything more than $24, a pin code will be required.

The service will be based on the Visa prepaid account and will initially launch in Germany, the Netherlands, Spain, Turkey and the UK this year.

“The Vodafone mobile wallet represents the next stage of the smartphone revolution. It offers our customers the speed, simplicity and convenience of managing their everyday transactions with a single wave or tap of their smartphone,” says Vodafone group chief executive Vittorio Colao.

David Hing, London