The solution combines Visa’s contactless payment technology, Visa payWave, and DeviceFidelity’s In2Pay technology to transform a mobile phone with a microSD memory slot into a mobile contactless payment device. This can enable consumers to make mobile Visa payWave transactions at any retail location that accepts contactless payments. Trials are scheduled to begin in the second quarter of 2010.
With over 4 billion mobile devices in market today, Visa, in partnership with financial institutions, mobile network operators and handset manufacturers, is working to expand the reach of mobile financial services to consumers worldwide.
Visa’s global transactions processing network, VisaNet, and its contactless payment technology will process transactions initiated with the In2Pay solution, providing real-time fraud monitoring and encryption technology to prevent counterfeit fraud and ensure that mobile initiated Visa transactions are secure.
In2Pay integrates with multiple mobile phone operating systems, enabling a flexible application interface and interactivity with the consumer. In2Pay uses an onboard software controlled antenna and an industry standard dual interface contactless smart card chip that supports Visa payWave, as well as other contactless applications such as transit, identification and access control.
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