Handheld device maker Palm has developed technology that it says will lead to the demise of traditional card payments.
Palm has been working with electronic payment providers Verifone and Ingenico to develop technology which would enable the secure transfer of payment details from Palm's handheld computers to electronic point of sale (Epos) terminals run by the two companies.
Palm and Verifone announced in November that they were working on infrared technology that would transfer payment information between a handheld device and an Epos terminal and then on to existing financial institutions' payment networks. The technology was demonstrated by Palm's chief executive officer Carl Yankowski at the Consumer Electronics Show in Las Vegas last week.
"Once a significant number of businesses adopt this infrared technology, consumers will grow comfortable discarding their bulky wallets for a digital alternative that provides real two-way service," Yankowski said.
The companies believe the technology could replace standard card swipe payment with a convenient, secure, electronically-authorised transaction. In addition, Palm and Verifone intend to enable Palm handhelds to access third party content through a Verifone payment terminal, offering merchants a new way of giving customers access to useful information.