Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Visa to make contactless chips a standard feature
PARIS, France (12/9/10)--Visa Inc. is making mobile payments a commercially available standard feature commercially available for its partner financial institutions in the U.S--including credit unions. Following 18 months of technology development in partnership with Texas-based DeviceFidelity, and trials with financial institutions in the U.S., Europe and Asia, Visa has tested and supports commercialization of In2Pay microSD for use with smart phones. Smartphone models compatible for use with this landmark technology include the BlackBerry Bold 9650, the iPhone 4, the iPhone 3GS, iPhone 3G, and the Android-based Samsung Vibrant Galaxy S. Visa said it also expects to add additional phone models, including phones based on the Symbian and Windows operating systems. “In addition to issuing plastic magnetic stripe or chip-enabled payment cards, financial institutions can now consider offering their account holders a new technology that enables them to transform their existing phones into fully functional mobile payment devices,” said Bill Gajda, head of Visa Mobile. The microSD payment technology was previously available only to financial institutions participating with Visa in mobile payment trials that included some of the largest financial institutions in the U.S., such as JP Morgan Chase, Wells Fargo Bank, US Bancorp and Bank of America. Now Visa issuers can obtain the technology under Visa’s standard contract terms and can load the Visa mobile payment application to microSD cards. Issuers who choose to adopt the technology can provide their account holders with a microSD card that can be inserted into the phone’s existing memory slot to enable the device for payment. The technology is compatible with existing contactless payment terminals already installed at retail outlets worldwide and enables account holders to hold the phone in front a payment terminal to pay. “This is a significant step towards the next generation of payments, loyalty and rewards, allowing banks and retailers to build entirely new business models,” said Nick Holland, a senior analyst with Yankee Group. “Visa’s announcement clearly illustrates that the future of payments will be mobile.”


RSS print
News Now LiveWire
.@SenatorBegich says @TheNCUA risk-based cap. plan attempts 2 solve problem that does not exist, at expense of those served by CUs. Watch NN
12 minutes ago
Target wants stay of discovery in class action suits in data security breach; plaintiffs disagree that it's needed http://t.co/GHqz2S4u5g
31 minutes ago
New HUD Sec'y Julian Castro gets warm send-off from San Antonio's @alamofcu MT Thanks for all the hard work. http://t.co/peb8x4GSRq
56 minutes ago
.@CUANYtweets initiates call to action to Gov. Cuomo to sign state-chartered #creditunion FOM bill
1 hours ago
.@MountainAmerica #creditunion CEO helps TV audience understand credit scores #NewsNow http://t.co/makbsIIdzn
1 hours ago