Smartphones Certified for Use as Visa Mobile Payment Devices
SAN FRANCISCO-- Visa Inc. and Visa Europe today announced that NFC-enabled smartphones from Samsung Electronics, LG Electronics and 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.
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.
"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."
Nick Holland, senior analyst for Yankee Group, called the announcement "another example of the momentum we are seeing behind NFC as an industry standard for mobile payments." Yankee Group predicts the value of NFC-based transactions will grow from $27 million in 2010 to $40 billion in 2014.