Visa unveils mobile payments platform

Visa has developed a mobile payments system in partnership with Nokia and others.

Visa has developed a mobile payments system in partnership with Nokia and others.

The contactless system relies on embedded payment technology in the handset, which can be read by point-of-sale systems using short-range wireless links.

“Visa has long realised the importance of the mobile channel to the future of payments and as a medium to deliver consumer services,” said Patrick Gauthier, senior vice-president for innovation at Visa International. “The launch of the mobile platform is a significant industry milestone because it will enable innovative trials and go-to-market strategies for mobile payment services globally.”

The company said its platform was a suite of technology tools and applications, security standards and business models that would let Visa issuers and mobile operators engage in market trials to drive product development and commercialisation of mobile payment services.

The initial version of the platform offers solutions for contactless mobile payment, over-the-air personalisation, coupons and direct marketing.

Subsequent versions, which will become available later in the year, will include solutions for remote payment and person-to-person payment.

Ovum analyst Mary Ann O’Loughlin said, “By developing the mobile platform and engaging key industry stakeholders, Visa is leading the charge to simplify and jump-start the development of innovative mobile payment services.”

The Visa system has already been trialled in the US and Malaysia.

More information:

Visa and Apacs grilled over online crime

A&L kicks off mobile banking

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