To develop mobile payment solutions for consumers in Singapore, The Institute of Microelectronics (IME) has proclaimed a partnership with a Chinese data security firm, Watchdata Technologies.

This application will enhance the customers' mobile phones to pay for their goods and services at retail outlets. Technology which is being worked upon by both the firms is to develop a contactless payment application involving the mobile phone's SIM card.

Also, efforts are being made to implement this application and bring it into use, universally, in any mobile phone. Presently, it is confined to particular mobile phones and only in specific regions.

Thus, a unified solution is being worked upon by both IME and Watchdata. This will facilitate users to launch contactless applications to perform all payments, by using their mobile phones.

Furthermore, in services like transportation, movie ticketing and mobile banking can also use this contactless feature, if it becomes successful. Both these efficient firms are working hard to it.

Where IME is a research institute of the Agency for Science, Technology and Research (A*star); the Watchdata's headquarters is based in Singapore.