The application is based on Visa’s payWave technology that enables contactless payments at the point of sale. To make payments, customers hold the phone in front of a contactless reader at the point of purchase. Purchases above GBP 15 require a passcode. The application also allows customers to check their transaction history and view their account balances.
In recent news, Visa and its partner UK-based mobile financial technology company Monitise have launched a suite of mobile services for US financial institutions. The joint Visa – Monitise services enable US FIs to provide their account holders with services including monitoring account history and balances, transferring funds between accounts and receiving transaction alerts on their mobile devices.
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