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PagSeguro to launch NFC P2P payments in Brazil

The online payments provider has partnered with Nokia to introduce an NFC service that allows users to transfer money and to make payments in bars, restaurants and stores.

PagSeguro

PAGSEGURO: P2P payments with Nokia

Brazilian online payments provider PagSeguro has begun testing a peer-to-peer NFC payments service that it plans to launch commercially next month.

The PagSeguro NFC app was developed by INdT — the Nokia Institute of Technology — in Brazil and works with Nokia C7, Nokia N9 and Nokia 701 NFC phones.

The PagSeguro NFC app contains both a vendor and a buyer section and both parties to a transaction need to have the app running on their phones for the service to be used.

In the first step, each party selects whether they are the vendor or the buyer. The vendor then types in the amount they are to receive and taps their phone against the buyer’s device. The amount to be paid is then displayed on the buyer’s screen and the transaction is completed when the buyer confirms that they agree to the payment.

Funds used to make a payment using the PagSeguro app can be withdrawn automatically from a credit card, a PayPal account or from a range of other supported payment types.

The PagSeguro NFC system, however, will only work for phone to phone payments and isn’t compatible with exitising contactless POS systems.

A video produced by PagSeguro shows the service in action:

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