Best Buy Europe is the first retailer to sign up to a new mobile payments network which allows consumers to buy...
products using only a code.
The network will enable people to input a code - which could be found anywhere from a website to an e-mail - into an application on their mobile phones. The code is all that's needed for the transaction to go through, as the consumer will have uploaded their address and bank details when they register for the service.
Best Buy helped to build the network and is the first retailer to be involved after Carphone Warehouse founder Charles Dunstone gave his backing to the project. Best Buy bought 50% of The Carphone Warehouse in 2008, and launched its transactional website recently.
Mobile supplier Monetise plc worked on the network, called the "Mobile Money Network", with Best Buy.
It will launch in 2011 and its founders say there are opportunities for shopping, banking and marketing.
Monitise plc provides technology to half the UK retail banking market and is a partner of Visa.
Charles Dunstone said: "Every year we see hundreds of exciting ideas in the space of mobile shopping, banking, payments and marketing, but what is required is a central, independent and trusted network to make it come alive. We believe we have the track record to play this role."