The FINANCIAL — For the first time in Georgia, Peoples Bank has introduced NFC-mobile phones, an innovative alternative to plastic cards.
Near Field Communication or NFC, is a short-range high frequency wireless communication technology which enables the exchange of data between devices over a distance of about a decimetre.
The NFC mobile phone holder will be able to use this device as a debit/ credit payment card, read Radio-Frequency Identification (RFID) tags on outdoor billboards (smart posters) in order to get info on the move, make purchase operations through these billboards, use as travel cards in public transport, and use as an identity document enabling automatic registration of a person’s entrance and departure from any particular building.
This service will become available for People’s Bank’s clients in 2008.
While we are oriented on social programs, introducing new technologies and innovative banking products has strategic importance for us, said Giorgi Gogadze, General Director of People’s Bank.
Establishment of NFC mobile phone practice needs the necessary infrastructure. People’s Bank is working very actively to this end. Agreement on setting up this infrastructure has already been made with many organizations,” said Beso Abuladze, Director of Infrastructure Development direction at People’s Bank.
“In 2008 our clients will be able to use this service in more than 1 000 locations. We plan to equip more than 150 billboards with RFID tags for NFC mobiles. People’s Bank is starting an instalment payment plan to make NFC mobile phones available to substantial parts of the population.”
Iberia Business Group made the decision to award everyone who buys a car at their company an NFC mobile for free.
“I am happy that such innovation has entered Georgia. We will actively support promotion of this product and cooperate with People’s Bank in all ways possible,” said representative of Iberia Business Group.
Currently only one mobile phone model can be equipped with the NFC function. However, according to Abuladze the range of models will become much wider very soon. Equipping mobile phone with this function will cost approximately 10% of its overall price.
People’s Bank will invest about Gel 1 million in implementing this project in 2008. The full completion of the project is supposed to last for three years with a budget of Gel 3-5 million.
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