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LG readying mobile payment system in Europe

European consumers may finally be able to pay for items via their smartphones next year, through a system under development by LG Electronics.

LG's system would use a combination of near-field communication (NFC) and cloud computing to allow certain retailers in Europe to accept payments from customers using NFC-equipped smartphones. Scheduled to launch sometime in 2012, the system would also find its way into interactive TVs and security products sold by LG, Reuters reported this week.

"The point-of-sale technology, which will be targeted at small and medium-sized businesses..., is currently in beta testing," Jin-Yong Kim, vice president … Read more

Originally posted at Digital Media

February 2, 2011 9:15 AM PST By Lance Whitney

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