The convergence of phones, electronic wallets, and payments must only be a matter of time.  Of critical importance, will be the password methodology to ensure even if the phone is stolen it can’t be used by the bad guy.

NTT DoCoMo, Mizuho tie up for phone credit card

TOKYO, March 4 (Reuters) – NTT DoCoMo Inc , Japan’s largest mobile phone operator, will tie up with Mizuho Bank and Credit Saison Co. Ltd. to start a service allowing mobile phones to be used as credit cards, the Nihon Keizai Shimbun said on Saturday.

In an agreement that the paper said could be announced as early as the start of next week, DoCoMo would take an 18 percent stake in UC Card Co, a Mizuho affiliate, by acquiring shares from Mizuho Bank for about 1 billion yen ($8.63 million).

The service would allow subscribers to use their mobile phones to pay for items at stores equipped with a special scanner.

Company officials were not available for comment.

Late last year, DoCoMo tied up with Sumitomo Mitsui Financial Group Inc’s credit card firm in a similar deal. ($1=115.91 Yen)