Near-field Communications (NFC) smartphones from LG, RIM and Samsung have received certification to support the Visa payWave, a mobile app for payments at PoS (point of sale).
Financial institutions can now commercially deploy the LG Optimus NET NFC, Blackberry Bold 9900, Blackberry Bold 9790, Blackberry Curve 9360, Blackberry Curve 9380 and the widely popular Samsung Galaxy SII phones since they are now in the list of Visa compliant payment products.
Using a secure SIM card and NFC technology, all devices with Visa certification to use Visa payWave will now allow users to pay for purchases at ‘wave and pay’ terminals.
“The players are now in place for mobile payments to become a reality. We are working with our member banks, mobile network operators and key handset partners to ensure that future payment technologies are as easy, intuitive and secure as card-based transactions are today,” said Sandra Alzetta, Head of Mobile Business Unit and Innovation for Visa Europe. “Today’s announcement plays a significant role in getting those new technologies into the hands of the consumer. It is a very exciting time for us all.”
“Today’s announcement is another example of the momentum we are seeing behind NFC as an industry standard for mobile payments. Yankee Group predicts that the value of NFC-based transactions will grow significantly, from $27m in 2010 to $40bn in 2014,” said Nick Holland, a senior analyst at Yankee Group.