Mobile contactless payments will be commercially available through the use of In2Pay microSD solution from DeviceFidelity. An announcement in this regard has been made by Visa Inc. and Visa Europe. Plug-and-play technologies are developed by Texas-based DeviceFidelity.
For the first time, the list of Visa compliant products will now include a mobile contactless payment solution. Financial institutions in the U.S. and select markets are provided this list of products which are available for potential commercial deployment.
Visa in collaboration with DeviceFidelity carried out the technology development for 18 months. The top financial institutions in the United States, Europe and Asia were included to carry out the trials. In2Pay microSD has been tested by Visa for use with top smart phones. Visa will also be supporting commercialization of In2Pay microSD.
The BlackBerry (News - Alert) BoldTM 96502, the iPhone 4, the iPhone 3GS, iPhone 3G, and the Android based Samsung Vibrant Galaxy 5 are some of the smartphone models which are compatible with this landmark technology. Phones based on the Symbian (News - Alert) and Windows operating systems are also expected to be added for use with this technology.
In a press release, Bill Gajda, head of Visa Mobile, said, “This is a historic milestone for Visa and its clients. In addition to issuing plastic magnetic stripe or chip-enabled payment cards, financial institutions can now consider offering their account holders a new technology that enables them to transform their existing phones into fully functional mobile payment devices.”
Extensive technical, security and usability testing with respect to the Visa mobile payment functionality has been established by the compliance testing process for mobile devices. Under Visa’s standard contract terms, Visa issuers will be able to obtain the technology and also load the Visa mobile payment application to microSD cards.
Account holders of issuers who adopt this technology will be provided with a tiny microSD card. The device will be ready for payment by inserting the microSD card into the phone’s existing memory slot. Account holders will be able to make payments by simply holding the phone in from a payment terminal. Mobile operators, retailers and other stakeholders in the payments ecosystem will be able to bring Visa mobile payment functionality to consumers by partnering with financial institutions. Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.
Edited by Jaclyn Allard