KANSAS CITY, Mo.—Sprint customers may soon be able to use their cell phone like a credit card. Sprint Nextel is working on a new technology to make that possible in late 2011. The company says they want to be its competitors ATT, T-Mobile and Verizon with the new technology.
Customers would use the new feature by tapping their phones or waving the phones in front of scanners. Besides using this technology to entice new customers, it would also allow the third largest mobile phone carrier to create a way to make money off the electronic purchases.
The new phones will have NFC capability or Near Field Communication which will allow the consumer to use their phone as if it were a credit card. According to the LA Times, Sprint Nextel is in the process of working out the details with payment networks and phone makers to get this on board before their competitors roll out a similar technology.
According to Sprint's VP of Product, Sprint won't take a percentage of each purchase. Instead they may take a share of digital coupons that will be made available through its service.