The new device includes two secure elements, allowing users with standard mobile phones to make both NFC payments in stores and securely access mobile banking and online payments services.
Prague-based Logomotion has launched a microSD card that can be used to add NFC mobile payments capabilities to standard mobile phones.
The new LGM Card is designed to work with a wide range of phones, the company says, “including those where the SD slots are in seemingly problematic locations, such as under the device’s battery or under a protective metal outer cover”.
New revenue opportunities for banks are also presented by the patent-pending dual secure element architecture of the LGM Card, the company adds.
“The issuing bank personalizes one payment chip using normal card account data of a customer,” Dave Riffelmacher, CEO of Logomotion has told NFC World. “The second payment chip is pre-personalized with a virtual POS terminal which enables secure, profitable micro payments with smaller merchants and at mobile content internet shops using the customer’s account data.”
The LGM Card is available in sample quantities today, ahead of mass market production which is due to begin during the first quarter of 2013. “In mass market quantities, the price of LGM Card will not be significantly higher than the price of normal memory cards with comparable memory capacity,” says Riffelmacher.