Intuit rolls out NFC mobile payment

IT services company, Intuit has rolled out a mobile payment service called GoPayment, which eliminates the need for credit cards, reports Cnet.

Tapping into near field communication (NFC) technology, Intuit's GoPayment service lets consumers pay for items using an NFC-enabled cellphone.

According to the company, with NFC hardware and credit card information stored on a mobile phone, consumers could leave their money and credit cards at home and use their phones to buy items and services at stores, restaurants, and other retail outlets.

American Banker says the new technology, which is built on Google's Android mobile platform using Nexus S, eliminates the need for this add-on card reader hardware. Transactions are made via a virtual credit card that the consumer loads onto their mobile device.

Intuit is also developing NFC technology that would allow merchants to add items to their inventory by tapping their phone against a product with a smart tag.

To complete the purchase, the customer and small business owner would simply touch their phones together, according to Wireless Federation.

Plus, no actual credit card information is exposed during the transaction; this is expected to protect sensitive financial information.

Customers could use this same process to receive a receipt, or have a copy of the receipt sent automatically via e-mail or text message.

While the NFC integration with GoPayment is still in concept phase, Intuit says it is working to incorporate the technology as a feature in the near future.