New security technology allows people to make payments via cell phones. The technology is designed to work in almost all situations: person to person, in a shop or restaurant, at a vending machine, online, or as part of a telephone conversation. (Credit: iStockphoto/Hillary Fox).The announcement on 16 December by the board of the UK Payments Council that cheques are to be phased out by 2018 has heightened the need for secure replacement payment systems.
New security technology developed at Oxford University by Professor Bill Roscoe and his team that allows people to make payments via mobile phones, offers a solution.
The technology is designed to work in almost all situations: person to person, in a shop or restaurant, at a vending machine, online, or as part of a telephone conversation.
Isis Innovation, the University of Oxford's technology transfer company, is working with Professor Roscoe to commercialise the technology.
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