Under the terms of the partnership, US participating banks are expected to enable their customers to use their handsets as mobile wallets and purchase items using contactless payments at merchants with NFC capabilities. In addition, the agreement is expected to allow users to transfer money from their registered accounts to other bank accounts.
The NFC service is set to be delivered via ViVOtech’s over-the-air (OTA) software and Monitise’s mobile money technology.
ViVOtech’s software allows data to be remotely loaded onto a chip, such as a NFC phone, a SIM card or a chip contained within a microSD card. This card is expected to be inserted into several existing smartphones, including BlackBerry, Android, Nokia and some iPhone devices.
Monitise has partnered with over 240 financial institutions, enabling global users to manage their finances on their mobile phones.
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