One of Chile’s largest mobile operators and one of its biggest banks are launching an NFC payment trial in the capital Santiago, with plans for a commercial launch nationally by the end of the year.
Movistar Chile, the brand for Telefónica’s branch operator, has said it would launch the trial and later the commercial project with Banco Santander Chile, using technology from France-based Oberthur Technologies. The NFC-payments service puts a MasterCard PayPass credit application onto SIM cards issued by Telefónica.
Oberthur today said it is providing the trusted service management for Telefónica and Santander, and it is also providing NFC SIM cards to the telco and mobile-wallet software. The TSM would manage the PayPass application issued by Santander over the air.
It's not a bad idea by Banco Santander Chile to implement NFC payment system as it is proved to be one of the easiest ways to transfer money. In fact, today a lot of banks are trying to incorporate NFC systems to ease out the payment process of customers. Nevertheless, the security backslides associated with this system can't be ruled out yet one can't rule out its a bad system to be implemented as well. This system has opened door for many companies, banks, etc. to enhance user experiences and it holds a bright future for sure.