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Visa Hits the Accelerator for Mobile Payments

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Aug 9, 2011, 9:22 AM by Eric M. Zeman

Visa today announced that it is fully committed to supporting NFC-based mobile payments and will migrate to EMV contact and contactless chip technology in the U.S. The move will let Visa and its merchants accept NFC mobile patments and offer multiple authentication methods to protect against fraud. Visa is launching three separate initiatives to boost the adoption of dynamic chip authentication technology by its merchants and partners. Visa is opening its Technology Innovation Program (TIP) to the U.S. in October; it will build the infrastructure necessary to support mobile chip payments; and it will establish a fraud unit dedicated to overseeing its mobile payment ventures. Visa set an aggressive timetable for itself and its partners to meet specific goals. A number of NFC-based mobile payment services are in the works. None has yet to reach mass market status.

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