Mobile Payments For Visa
Visa has unveiled several partnerships to move payment processing from the PC to the mobile phone. Visa was quoted as saying that a partnership with Nokia would allow consumers to make payments with next year’s Nokia 6212 Classic and other next-generation Nokia phones. Visa will also develop an application with Google’s Android platform that will allow mobile payments, as well as deliver financial information to Android-based phone owners who also hold Chase Visa cards. Visa also said that it would launch a trial with U.S. Bank and up to 6,000 cardholders to allow secure funds transfers to other Visa cardholders via mobile phones and PDAs. To Visa, this partnership with Nokia is an evolution of its existing payWave program, where contactless credit cards can be used in participating retailers. By placing the smartcard inside the phone, a user’s physical wallet can be replicated. Each phone will be able to store several accounts, and the application can be password protected with a PIN or remotely disabled if the phone is lost or stolen, she said. Finally, the credit merchant said that it was expanding its ReadyLink pre-paid service. Read more here.