Thursday, January 12, 2012

VISA certifies NFC enabled phones for payments

The following list of phones are now allowed to use Visa's payWave (TM) NFC based payment system for paying your bills at stores:

  • Samsung Galaxy S II
  • LG Optimus Net
  • Blackberry Bold 9900
  • Blackberry Bold 9790
  • Blackberry Curve 9380
  • Blackberry Curve 9360

“This is an important step for Visa, its financial institution partners and the mobile industry,” said Bill Gajda, Global Head of Mobile Product, Visa Inc. “In addition to issuing plastic magnetic stripe or chip-enabled payment cards, financial institutions can now consider offering their accountholders a way to transform their smartphones into fully functional mobile payment devices.” 

For these phones, Visa payWave application will be loaded on a secure SIM card. There is no information on where and when to get these special SIM cards or any information on how to turn your SIM card into secure SIM loaded with payWave application.

       “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.”     

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