Visa Launches Mobile Payments

Visa, the world’s biggest credit card payment system administrator, has launched a global system to give people the ability to make mobile payments, through their phones.

The platform, which includes a suite of technology tools and applications, security standards and business models, is designed to make it easier for Visa issuers, mobile operators and technology providers to deliver an integrated experience across a range of services, enabling consumers to better monitor account activity and manage funds.

Users can pay for groceries and other purchases by swiping a phone over a reader that electronically communicates with a microchip on the phone. Phone owners confirm the purchase with the push of a button and the deal
is complete.

The initial version of the software offers solutions for contactless mobile payment, over-the-air (OTA) personalisation, vouchers and direct marketing. Later versions will include solutions for remote payment and person-to-person payment.

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