According to the source, financial services provider Australia and New Zealand Bank (ANZ) is the bank providing the prepaid card and the acquiring bank for loading funds while global payments company Rev Worldwide provides the technology that connects into VisaNet to process transactions.
How it worksCustomers will need to pick-up an NFC-SIM from Vodafone, download the Vodafone SmartPass app to an NFC-smartphone, register for a ‘virtual’ Visa reloadable prepaid card using the Vodafone SmartPass app and pre-load funds from their existing Visa or MasterCard payment cards. The application can then be used to pay at the stores that accept contactless payments.
The application is currently a pilot project and it is expected to be available to customers early 2013.
In recent news, ICBA Bancard, the payment services unit of the Independent Community Bankers of America, has inked a contract with Visa for V.me digital wallet.
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