“Financial institutions, mobile network operators, and even transit operators now have a simple, secure process to activate payment applications at scale and make mobile payments part of everyday life for consumers around the world,” says Visa’s head of mobile products.
Visa has announced a new service that provides financial institutions and mobile network operators with a one stop solution for downloading payment account information to NFC phones.
“In the same way we have enabled the secure provisioning of payment cards for decades, we are now using mobile technology to securely provision mobile payment accounts over the air,” says Bill Gajda, Visa’s head of mobile products. “Financial institutions, mobile network operators, and even transit operators now have a simple, secure process to activate payment applications at scale and make mobile payments part of everyday life for consumers around the world.”
The new service was developed in collaboration with Oberthur Technologies and, says Visa, “addresses a crucial need for Visa account issuers, mobile operators, and others who want to enable mobile payments at scale”.
“The next stage of the product, an interconnectivity ‘hub’, will enable frictionless ‘many-to-many’ interactions avoiding the need for parties to form bilateral commercial and technical relationships, even for entities using other TSM solutions,” the company adds.
“The combination of Oberthur Technologies advanced technology with Visa’s global secure network will deliver a powerful tool for financial institutions and mobile network operators to move quickly into the growing market for mobile payments,” expains Oberthur’s Arnaud de La Chapelle.
Earlier today, Visa announced it had signed a deal with telecoms giant Vodafone that will see the two firms working together to provide mobile payments services to the carrier’s 400m customers around the world.