Those long waits at the checkout counter will be a thing of past if NAB and Telstra have their way. Both companys have teamed up with VISA to trial the new technology that allows customers to authorise payments by waving their mobile phone past special electronic markers.

The new mobile phone could potentiall replace the credit card as well as public transport tickets and building access security cards.

The new technology is currently being tested overseas, with Australia set to trial the PayWave technology early 2008.

Source: Infochoice.com.au