11 January 2012 — Visa Inc. and Visa Europe announced that NFC-enabled smartphones from Samsung Electronics, LG Electronics, Research In Motion (RIM) have been certified for use with Visa’s mobile application for payments at the point of sale, Visa payWave. The Samsung Galaxy SII, LG Optimus NET NFC, BlackBerry® Bold™ 9900, BlackBerry Bold 9790, BlackBerry® Curve™ 9360 and BlackBerry Curve 9380 have been added to the list of Visa compliant payment products available for commercial deployment by financial institutions.
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 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 account holders 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.”
In Europe, there are 438 million Visa debit, credit and commercial cards. In the 12 months ending March 2011 those cards were used to make purchases and cash withdrawals to the value of €1.6 trillion. 12.5% of consumer spending at point of sale in Europe is with a Visa card, and more than 70% of that is on Visa debit cards.
Visa Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
