Nokia, IBM, Verisign and Visa have come together to launch a worldwide payment system which can be administered via mobile phones. The new system announced during CES 2007 is going to start llightly and expand purchasing power in stages.

Initially users will be able to pay for groceries and other good and services by swiping their phones over a reader, which will complete the transaction. After swiping for payment, you simply press a button on your phone to confirm the transaction.

“This tiered launch approach enables Visa issuers and mobile industry partners to take advantage of near-term opportunities in specific markets and consumer segments now,” Visa said.

Mobile contactless payments, person-to-person, mobile coupons and remote payments will eventually be possible with the new network. You will also be able to manage your transactions from your phone.

Near Field Communication (RFID) is the technology behind the system that will link your phone to the payment system.