Nokia is also joining the GSM Association’s ‘mobile wallet’ initiative. The world’s biggest handset maker, Nokia and major telecom carriers have agreed on the global initiative to turn the mobile phone into wallets. The ‘mobile wallet’ allows users to pay their bills by waving their mobile phones over a wireless reader. Finland based company, Nokia has joined others in the GSM Association, including AT&T, China Mobile and NTT DoCoMo. The GSM Association (GSMA) announced that including Nokia, 10 other mobile operators are joining an initiative to create a ‘mobile wallet’ standard. The ‘Pay-Buy-Mobile’ project started in February by 14 operators, including AT&T, China Mobile, NTT DoCoMo, Telecom Italia and others. The project is developing a global standard based on an embedded wireless chip, which allows users to use their mobile phone as credit card. Image Credit: 3G Nokia, as well as Samsung and LG will embed the chip in their mobile handsets. While Vodafone, AT&T, Bell South, and Telefonica are already supporting the chips on the phones, which are distributed for their networks. The world’s biggest payment card company, MasterCard, is also involved in the initiative. Sony and NXP, which pioneered the contactless chip called Near Field Communication (NFC), will join the efforts to develop a global standard. According to the GSMA, South Korea is one of the world’s most active marketplaces for mobile transactions. Currently, country has around 12 million handsets, which are capable of making mobile payments as well as 80000 terminal payment machines in retailers. Image Credit: GameStar Via: Reuters