Seeking to induce more worldwide commercial deployment of mobile payments, Visa has released what it calls a “mobile platform” designed to encourage collaboration between banks and telecommunications companies. The suite of technology tools and applications will, the company hopes, drive commercialization of payment services.
LAS VEGAS, NEV.– Delivering on its global mobile strategy, Visa today launched a mobile platform that lays the foundation for the commercial availability of mobile payments and services to millions of mobile users around the world. The new platform is designed to foster collaboration between the financial services and mobile telecommunications sectors for the delivery of mobile payment applications and payment related services.
“Visa has long realized the importance of the mobile channel to the future of payments and as a medium to deliver consumer services,” said Patrick Gauthier, senior vice president, innovation, Visa International. “The launch of the mobile platform is a significant industry milestone because it will enable innovative trials and go-to-market strategies for mobile payment services globally.”
The platform is a comprehensive suite of technology tools and applications, security standards, and business models that will enable Visa issuers and mobile operators to engage in market trials to drive product development and commercialization of mobile payment services. Informed by years of experience in the mobile payments market and developed in partnership with mobile technology companies, including handset manufacturers, chip suppliers, mobile applications developers, over-the-air (OTA) service providers and mobile messaging providers, the platform is both flexible and complementary to existing technologies so that it can seamlessly integrate with global wireless technology and payments infrastructures.
Unlike other solutions available in the mobile application market today, the platform is designed to make it easier for Visa issuers, mobile operators and technology providers to deliver an intuitive and integrated consumer experience across a range of compelling services such as mobile contactless payments, remote payments, person-to-person payments, and mobile coupons, as well as account management services that enable consumers to better monitor account activity and manage their funds.
The initial version of the platform launched today offers solutions for contactless mobile payment, OTA personalization, coupons and direct marketing. Subsequent versions of the platform, to be made available later in the year, will include solutions for remote payment and person-to-person payment. This tiered launch approach enables Visa issuers and mobile industry partners to take advantage of near-term opportunities in specific markets and consumer segments now, while also building towards a complete mobile payments program that brings long-term growth and delivers value to consumers as new technologies and architectures are deployed.
“In its current nascent stage, the mobile payment ecosystem is complex and presents a challenge for those considering entering this new space,” said Mary Ann O’Loughlin, senior vice president, consumer practice, Ovum North America, an analyst and consulting company. “By developing the mobile platform and engaging key industry stakeholders, Visa is leading the charge to simplify and jump-start the development of innovative mobile payment services.”
Visa Mobile Market Activities
Visa’s experience with numerous market trials around the world in a variety of different payment types, including proximity, remote and person-to-person, as well as work with a cross-section of mobile technology providers, has influenced the development of its new mobile payment platform. In addition, Visa has led efforts to encourage cross-industry cooperation and standardization through leadership roles in organizations around the world such as the Mobile Payment Forum, the Near Field Communication (NFC) Forum, GlobalPlatform and EMVCo. Recent Visa-led market activities leveraging NFC technology include:
U.S. – The industry’s first large-scale mobile payment trial at Philips Arena in Atlanta last year. Partners included Atlanta Spirit, Chase, Cingular, Nokia, NXP Semiconductors, and ViVOtech.
Malaysia – Partnered with Maybank, Maxis Communications, Nokia and ViVOtech to pilot a mobile payment program.
Visa knows that for the large-scale deployment of mobile payment services to be realized, there is a continued need for cross-industry collaboration. Some of the organizations that Visa has worked with to deliver on its mobile payments vision include:
NXP Semiconductors, formerly Philips
Giesecke & Devrient GmbH (G&D)
For more information, visit www.corporate.visa.com.
Explore more developments dealing with the implementation of Near Field Communications, a short-range wireless technology that promises to revolutionize contactless identification, payment, access, and more. Click to visit NFCNews.