Banxafe, a service of the Belgian Banksys company plans on implementing payment by mobile. You can pay large amounts using your mobile, check your financial account or transfer money to the prepaid account of your mobile. For security reasons cellphones are equiped with special M-SIM cards. Mobile operators are already putting these cards in new mobiles. Banxafe works together with the big Belgian mobile operators (like Base, Mobistar and Proximus). This systems allows you to pay your coffee or even buy a car with a few simple taps on your mobile. Rabobank has implemented a similar system in the Netherlands. This concept could replace bank cards and even threaten existing credit systems like VISA.
Source: m-banxafe.beAdded: 21 May 2007