Keycorp licenses Newcom's dual-slot mobile e-commerce technology

Australian smartcard company Keycorp has licensed Newcom Technologies' dual-slot mobile e-commerce technology.

Adelaide-based Newcom patented a system that lets consumers use their mobile phones or Internet-enabled devices to receive online information and conduct secure financial transactions via a mobile e-commerce gateway.

Keycorp said the technology will be included in its wireless telephone product range in Australia and overseas.

Newcom claims the technology, in conjunction with a smartcard, transforms a digital mobile phone or personal digital assistant (PDA) into a smartcard-enabled mobile terminal. Users will be able to purchase goods and services and download electronic cash onto smartcards from their mobile phone or PDA.

Keith Benson, Newcom Technologies chairman, said: "Our philosophy has always been that e-commerce will never truly take off until it is as convenient as cash."

Keycorp recently acquired Telstra's EFTPOS business and has supplied its smartcard technology to the US Postal Service and MasterCard International.