Estonia's leading banks have begun work on an NFC research project in conjunction with mobile network operator EMT, part of the TeliaSonera group.
The applied research project aims to discover the viability of introducing contactless payments, NFC and contactless ticketing in Estonia and is scheduled for completion in mid-2012. Participants include Sampo Bank, Nordea Bank, Swedbank and SEB Bank as well as EMT, R&D specialists Eliko and transportation ticketing solution provider United Tickets.
"Contactless payment systems would help to significantly increase the speed of electronic payments and this in turn would broaden the circle of companies who would be interested in cash-free payments," say the research partners. "Thus, the applied research focuses on possibilities of using contactless bank cards and NFC phones in public transportation where fast payment is very important."