11 Sep 2013

"Mobile wallet" set for release next year

7:02 pm on 11 September 2013

By this time next year you'll be able to ditch your wallets, and make your purchases with just your mobile phone.

TSM - a company formed by Telecom, Vodafone, 2degrees and Paymark plan are currently developing the device dubbed a 'mobile wallet', ready for release next year.

At first, it will only be possible to make payments, but over time that will expand to include loyalty cards and public transport fares.

On Wednesday, Rob Ellis, a 20 year veteran in the telecommunication industry in New Zealand and in Britain was announced as chief executive.

He says in a short period of time over half the adult population will own a smartphone that's able to use this type of technology.