Visa, the world’s largest credit and debit card processing network, is all set to launch “mobile wallet” services that would allow users to pay for goods and services through their mobile phones.
“We are introducing new solutions for eCommerce and mobile devices that provide the same ‘Visa-quality’ experience–convenience, reliability and security–people enjoy when using their Visa cards at a retail location,” said Joseph W Saunders, chairman and chief executive officer of Visa Inc.
The digital wallet will store Visa and non-Visa payments accounts, support NFC payments through the Visa payWave application that would allow eCommerce, mobile commerce, micropayments, social networks and person-to-person payments.
Though it will be launched in the United States and Canada first later this year, Visa is planning is planning to launch the services in many other emerging countries including India.
“In certain emerging geographic markets with significant mobile penetration, Visa will work with financial institutions and mobile-network operators to provide consumers with a secure, reliable and globally accepted form of payment and the ability to transfer and receive funds, manage financial accounts or top-up wireless air time using their mobile handset,” the company said in a press release.
It further added, “In countries like India and Russia, where card issuance and mobile subscriptions are high, but card usage is relatively low, Visa will help drive account activation and usage by working with financial institutions and mobile operators to link existing card portfolios with mobile devices to give handsets payments functionality.”