Paying with cash, check or credit is almost entirely out of date now, if you believe the large numbers of iPhone and Android supporters. With some help from Visa, we might be that much closer to the utopia of the cashless society. According to Wired, the charge card giant will launch Visa Digital Wallet this fall.
Near Field Communication technology is the key
The announcement from Visa for Digital Wallets will change the phone payments race. More people will try and go faster with it. Most consumers, charge card companies and retail companies have been waiting for the day when they could do a transaction with a phone. With secure Near Field technology short-range communication, that day is almost upon us.
“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe,” said Visa chairman and CEO Joseph Saunders in a statement. “We’re focused on delivering locally tailored payments products and services.”
The plan with Visa Digital Wallet
Experts predict that not only will NFC technology make cell payments the preferred method of transaction, but other technology that Visa and others are developing will streamline the one-click purchasing experience online and allow customers to consolidate accounts from multiple financial institutions in one place.
In this and other ways, Visa is becoming more of a commerce-focused technology company than ever before.
“When you think about what’s impacting commerce, you have one overarching trend: the continued adoption of electronic forms of payments,” said Visa executive Jennifer Schulz to Wired. “People are migrating away from cash and check and using electronic capabilities. … We’ve seen the use of and ubiquity of mobile devices really driving consumer behavior.”
Get in Google
According to MocoNews.net, Google plans to launch its own cell payments service within the next few months. Retailers that use cash registers developed by VeriFone Systems in New York and San Francisco will benefit from the NFC-backbone system. Both Android smartphones and the iPhone 5 will support NFC. The future versions of the iPad will also have it.
Connection with Visa Digital Wallet needed by financial institutions
U.S. Bank, Royal Bank of Canada and PNC Bank are just a few of the big-name financial institutions that will be throwing their hats to the ring with Visa on the Digital Wallet project, states Schulz. More partners are expected to be declared before the fall launch.
Citations
Moco News
moconews.net/article/419-googles-mobile-payments-venture-heats-up-with-mastercard-citigroup/
Visa Media Center
corporate.visa.com/media-center/press-releases/press1124.jsp
Wired
wired.com/epicenter/2011/05/visa-digital-wallet-nfc/
‘What would the ideal payment experience look like?’
youtube.com/watch?v=Y80tSc1b8UI
No comments:
Post a Comment