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Japanese tech giant Sony would start working with NXP Semiconductors to create a global standard for contactless chip cards.

These cards could be used in mobile phones to make them work like electronic wallets. The two companies would be creating a joint venture, which would plan, develop, produce and market a secure chip. This would then be used by contactless chip card formats: Mifare and FeliCa.

These two chips are the most widely used formats in contactless chips that are embedded in access cards.

Japan is one of the primary markets where these kinds of chips in mobile phones are popular. As per market reports, as many as 12.6 million consumers already have their credit card embedded in a chip in their mobile phone.

The two companies said in a joint statement: “By combining this secure chip with an NFC chip, a universal contactless IC (integrated circuit) platform can be created for mobile phones.”