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Visa Offering a Non-Isis Mobile Payment Service

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Feb 27, 2012, 10:42 AM by Eric M. Zeman

Visa today announced plans for a new mobile payment service that would make use of NFC-equipped smartphones, though not necessarily those for the company's Isis joint venture with AT&T, T-Mobile USA, and Verizon Wireless. According to Visa, the program works thus: Consumers buy a Visa-certified, NFC-equipped phone; they contact their Visa provider and ask to activate mobile payments; Visa links the user's bank account to the phone securely and requires a passcode that unlocks the NFC chip on the phone; Visa then downloads the payment application and account details to the handset. Consumers would then be able to make mobile payments anywhere Visa's payWave system is accepted. Visa said that the platform could also allow vendors to offer their own mobile payments apps that tie into the Visa-approved payment service.

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