This is a rely interesting approach to a mobile payment solution that let the customer and the receiving company circumvent the carrier and Apple in this case. Lets see how many that will follow in the foot steps of Starbucks and how long it will take until Apple updates it policies to only allow payments using the appstore and the itunes account.

Watch the video and tell me what you think:

I especially like the way they are using multi touch and there smart way of letting the screen go “black” to conserver battery while between interactions.

It recently won the gold award at the 2010 Furong Cup ‘Digital Product and Service Design Competition’ in China.