Wave & Pay: wave cellphone in front of a reader

The people of Canada will hopefully be able to take advantage of this technology that has been available in many corners of the globe. A pilot program will be launched that enables cell phone users to swipe their phone in front of a reader and purchase goods.

The handset will have a microchip embedded which will be able to pass over payment information and similar to the PayPass setups which are available it will require no password. pin or signature for transactions.

Head of Payment Innovations at the Royal bank of Canada, Anne Koski, noted that it was still too early to say which mobiles would have this built in technology, but we hope to find out soon. To read more on this go to engadget