Hamburger Allee 2-4 WestendGate
60486 Frankfurt, de
+1 (415) 932-2564
Visa Certifies Smartphones for Use as Visa Mobile Payment Devices
NFC-enabled smartphones from Samsung Electronics, LG Electronics, and Research In Motion approved for use with Visa payWave, Visa's mobile application for payments at the point-of-sale
All the new devices certified by Visa host the Visa payWave application on a secure SIM card and feature NFC (Near Field Communication) technology, the short range communications standard that enables mobile phones to securely transmit payment information to a contactless payment terminal.
"The players are now in place for mobile payments to become a reality," said Sandra Alzetta, Head of Mobile Business Unit and Innovation, Strategy, at Visa Europe. "We are working with our member banks, mobile network operators and key handset partners to ensure that future payment technologies are as easy, intuitive and secure as card-based transactions are today. Today's announcement plays a significant role in getting those new technologies into the hands of the consumer. It is a very exciting time for us all."
Visa's certification of these smartphones paves the way for mobile device manufacturers, mobile operators and retailers to partner with financial institutions to offer Visa mobile payment functionality to consumers globally.
Visa's Certification Process
Visa has played a leadership role in establishing global standards for mobile payments, making sure that they are aligned with existing technology and security standards for chip payment cards and can easily be integrated into the existing payments ecosystem. For example: Visa payWave on mobile devices is compatible with existing contactless (NFC) payment terminals already installed at retail outlets worldwide, enabling Visa account holders to simply wave their enabled phone in front of a payment terminal in order to pay.
Visa has a compliance testing process for both mobile devices and the secure elements that host the Visa payWave mobile application. The process includes extensive technical, security and usability testing with respect to the Visa mobile payment functionality. This helps to ensure reliable and secure Visa transactions which are compatible with the global standard for chip-enabled payments, and establishes a required signal range for all mobile (NFC-enabled) Visa payment devices. Visa's compliance testing process helps to ensure the combination of the phone; secure chip and Visa's mobile payment application will provide the level of security and user experience Visa accountholders have come to expect from Visa.
"Today's announcement is another example of the momentum we are seeing behind NFC as an industry standard for mobile payments," said Nick Holland, senior analyst Yankee Group. "Yankee Group predicts that the value of NFC-based transactions will grow significantly, from $27 million in 2010 to $40 billion in 2014."
The use of information published here for personal information and editorial processing is generally free of charge. Please clarify any copyright issues with the stated publisher before further use. In the event of publication, please send a specimen copy to email@example.com.