The new service is set to be launched in May 2012 and the company has already begun testing a peer-to-peer NFC payments service. The PagSeguro NFC application has been developed by the Nokia Institute of Technology (INdT) in Brazil and is compatible with Nokia C7, Nokia N9 and Nokia 701 NFC mobile devices.
The PagSeguro NFC application features both a vendor and a buyer section. In order to complete a transaction, vendors will have to type in the amount they are about to receive and then tap their phone against the buyers device.
The amount to be paid is then displayed on the buyers screen and the transaction is done once buyers confirm that they agree to the payment. Funds can be withdrawn from a credit card, a PayPal account or from a range of other supported payment types. However, the application will only work for phone to phone payments and is not compatible with existing contactless POS systems.
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