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Google and Visa Team Up on Mobile Payments
4 months ago
Source: REUTERS:
Google Inc has enlisted Visa Inc in its effort to push mobile payments, striking an agreement to allow Visa account-holders to pay for store purchases with their smartphones.
Visa comes onboard a “Google Wallet” project already supported by Citigroup, MasterCard, Sprint Nextel Corp and First Data. In May, the group announced a trial of a system that lets shoppers store money on phones and pay at checkout.
Rival Isis, a venture between Verizon Wireless, AT&T Inc and T-Mobile USA, has already signed partnerships with all the major card networks, including MasterCard and Visa.
But while Sprint announced the launch of the Google Wallet service on Monday, Isis has said its rival service will not launch until early next year.
Google’s system competes with plans by other top U.S. banks and mobile phone companies and employs near-field communication (NFC) technology, used widely in Asia.
On Monday, Google and Visa said the Internet search leader had received a worldwide license to Visa’s “paywave” — similar to Mastercard’s PayPass — enabling its installation on Android smartphones. Customers link their credit or debit bank accounts to Android phones with the Google Wallet app installed.
They can then tap their phones — which come with an NFC chip — at specially installed terminals at checkout to effect a purchase.
“This agreement extends Google Wallet to Visa account holders worldwide,” said Stephanie Tilenius, Google’s vice president of Commerce and Payments.
“This is a crucial step toward realizing our shared vision for the future of mobile commerce.”
For U.S. banks, mobile payments are a way to wean their customers off the use of cash and generate more revenue. Merchants pay banks a fee every time a shopper buys something with a credit or debit card and Google said it would not take a cut of those fees from the new pay-by-phone system.
Visa and Google Sign Licensing Deal to Boost Mobile Payment Adoption
SAN FRANCISCO, Sep 19, 2011 (BUSINESS WIRE) — Visa Inc., Visa Europe and Google today announced that Google has received a worldwide license to Visa payWave, an innovative NFC-based payment technology. Visa payWave enables consumers to make fast and secure payments at retail locations by waving their mobile phone in front of a payment terminal and is currently accepted at hundreds of thousands of retail locations worldwide.
The agreement sets the stage for Visa-issuing banks worldwide to enable Visa account holders to add their credit, debit and prepaid accounts to Google Wallet — a mobile application that turns a smart phone into a digital wallet. This is the latest effort by Visa and Google to simplify the consumer shopping experience by enabling them to make mobile payments using their mobile phones.
“Mobile technology is transforming how people pay for goods and services,” said Jim McCarthy, global head of product, Visa Inc. “This agreement builds on Visa’s strategy of enabling consumers to make mobile payments with whatever device they choose using the trusted accounts they already have.”
“This agreement extends Google Wallet to Visa account holders worldwide,” said Stephanie Tilenius, vice president of Commerce and Payments at Google. “This is a crucial step towards realizing our shared vision for the future of mobile commerce — one that creates a rich shopping experience for consumers and merchants alike.”
Today’s news furthers Visa’s progress in making its products available as a payment option in any digital wallet. This includes Visa’s own digital wallet announced earlier this year which is designed to provide consumers with “click-to-buy” payment functionality and access to their Visa and non-Visa accounts using a personal computer or smart phone, to make purchases online and at retail locations.
Google Wallet is designed to enable an open commerce ecosystem enabling consumers to carry payment cards, offers, loyalty and gift cards — and eventually much more. Google is also working with top retail brands to create a new mobile shopping experience.
About Visa Inc.:
Visa Inc. V -0.90% is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks–VisaNet–that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About Visa Europe:
As a leader in the development and implementation of payments technologies, Visa Europe is at the forefront of contactless and mobile payment innovation in Europe.
Visa Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers – cardholders and retailers – and to meet the European Commission’s objective to create a true internal market for payments. For more information, visit www.visaeurope.com .
About Google:
Google GOOG +0.61% is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information, visit www.google.com/about.html.
SOURCE: Visa Inc.
HTC Confirms: NFC-enabled Smartphone Arrives in 3Q 2011
9 months ago
from BRIGHT SIDE OF NEWS
This confirms earlier reports based on statements made by Peter Chou, CEO of HTC, who outlined that a LTE and NFC capable smartphone should be released in the second half of 2011.
At this point Near Field Communication technology is still at its infancy, with only Google providing the Nexus S smartphone in worldwide markets. Google worked closely with Samsung to manufacture Nexus S phone carrying the technology but in all honesty, world leader in the adoption of NFC is Nokia, which ships NFC-capable phones for quite some time now.
NFC has a typical chicken and egg problem, in that the lack of devices featuring it also makes companies reluctant to offer services based on NFC in majority of the markets. Then again, advanced markets such as Japan, Hong Kong, Singapore as well as developing markets that skipped the credit card era and moved directly to mobile banking. Thus, it is no surprise that a lot of companies see huge potential in this space.
