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Posts tagged paywave
iPhone Case Lets You Pay With Your Visa Card
1 year ago
Visa has teamed up with mobile payment technology firm, DeviceFidelity to create the In2Pay protective case for iPhone 3G and iPhone 3GS that turns your handset into a credit card. The In2Pay case uses Visa’s PayWave contactless payment system where you hold your credit card up to a scanner, and your credit card information is transmitted from a small chip embedded in your card.
Instead of a chip, DeviceFidelity’s In2Pay iPhone case features a removable MicroSD card that stores and transmits your credit card information. To pay with your phone you activate a password protected iPhone application, and then hold your phone up to a scanner at any location that accepts contactless Visa payments.
DeviceFidelity and Visa have said consumer trials for the system are scheduled to begin before the summer, but pricing and availability for the In2Pay case has not been announced.
While turning your phone into a digital wallet is common in other parts of the world, most notably Japan, the technology has yet to catch on in the United States largely due to privacy concerns. Mobile payment, as well as contactless payment systems in general, rely on wireless systems that transmit your credit card information over the air. Some of these systems use radio-frequency identification, which has a fairly large broadcasting range, and the security of RFID has been called into question on several occasions . But a newer wireless communication technology called near field communication (NFC), which used in Visa’s payWave system , is considered more secure and has a shorter broadcast range. DeviceFidelity says its In2Pay MicroSD cards also use an “anti-sniffing” security feature that disables the SD card’s transmission abilities when it is not in use to prevent unauthorized access of your credit card information.
Mobile smartphone payment has become a hot topic among smartphone developers and technology companies in recent months. In March, First Data partnered with Tyfone , another mobile payment system company, to create a MicroSD card system for credit card payments similar to DeviceFidelity’s In2Pay. And startup company Square , brainchild of Twitter co-founder Jack Dorsey, has introduced a new mobile payment service that uses a small credit card reader a user carries with them along with an iPhone application to make credit card payments. Square allows users to pay with their plastic at participating locations, as well as make payments between individuals for things like personal debts or items sold at a garage sale or through Craigslist.
Citibank & Visa Launch Singapore’s First Mobile Payment Pilot using Visa payWave with M1
2 years ago
by admin
in Mobile Payments
Citi M1 Platinum Visa cardholders will be the first in Singapore to use their mobile phones to make contactless payments linked to their credit card account
Initiative will help to advance mobile payments in Singapore
Citibank Singapore Limited and Visa today announced the launch of the Citi M1 mobile Visa payWave payment pilot in Singapore – the first programme in Singapore where a mobile phone will double as a credit card.
The Citi Visa pilot, supported by M1, enables Citi M1 Platinum Visa cardholders to pay for purchases using a Nokia 6212 classic at more than 750 merchant locations across Singapore. Participating merchants include cafes and restaurants such as The Coffee Connoisseur (tcc), Ichiban Boshi, book stores such as Popular and Harris, and retail and music shops such as Gramophone.
Up to 300 selected Citi M1 Platinum Visa cardholders will be invited to join the three-month pilot, which begins in May. Cardholders will be provided a Nokia 6212 classic, a Near Field Communication (NFC)-enabled handset by M1. Citi M1 Platinum Visa cardholders purchase an item at a Visa payWave merchant simply by waving the mobile phone over a contactless reader at the point of sale.
The Citi M1 mobile Visa payWave pilot seeks to gain feedback and insight into consumers’ mobile payment behavior and motivations. At the completion of the pilot, Citibank, M1 and Visa will evaluate opportunities to further develop mobile payment technology in line with Infocomm Development Authority of Singapore’s (“IDA”) vision for interoperable NFC services in Singapore.
Mr. John Denhof, Business Director of Credit Payment Products, Citibank Singapore Ltd said, “Citibank has consistently led the industry by introducing innovative products and services that enhance our customers’ banking experiences. This collaboration with Visa and M1 is testimony to our continuous endeavour to acquire new technologies that can provide enhanced convenience, accessibility and mobility for our customers.”
Ms. Meranda Chan, Visa’s Country Manager for Singapore and Brunei said, “Singaporeans are already familiar with mobile technology and by providing a new payment channel, Visa is looking to extend the safety and convenience of paying with a Visa card to the mobile phone. This will give Singaporeans greater choice in how they make purchases while on the go. Setting this pilot apart is the fact that the participating merchants cover all the things Singaporeans like to buy – be it the daily coffee, a meal, the latest CD or book or a new pair of shoes, those participating in this trial will be able to wave, pay and go using their mobile phone.”
Mr. Denhof continued, “Mobile payment technology, when paired with a credit card account, has the great potential to change the future of consumer behaviour in how we make payments and transact daily. We believe there are many opportunities for mobile payment services in Singapore, which has one of the highest mobile phone penetration rates in the world. However, we recognise the challenges of commercialisation and scalability in the current environment. Thus, with this pilot, we aim to gain greater insight into what drives mobile payment usage and get feedback on the customer experience.”
During the three-month pilot, Citibank and M1 will conduct several online surveys of participants’ experiences for a continuous stream of feedback and insight. A post-pilot assessment will also be conducted to consolidate the trends in participants’ mobile payment behavior and experiences. These learnings and insights will be shared with IDA at the end of the pilot.
Mr. P. Subramaniam, Chief Marketing Officer of M1, said, “With the industry’s commitment to grow mobile payment services, the launch of this pilot could not have come at a better time. We are delighted to mark the 10th year of our partnership with Citibank with this collaboration. By having a better understanding of consumer behaviour through this project, we hope to develop compelling mobile payment services for both the consumers and our business partners.”
Nokia and Visa have a long-term collaboration, which has already resulted in similar trials of Visa mobile payments enabled through NFC technology on four continents.
Mr. Jarkko Sevanto, Senior Manager, NFC Business Development, Nokia, said, “NFC-capable devices such as the Nokia 6212 classic will change the way mobile phone users interact with devices and services in their surroundings. Nokia is excited to be involved in bringing the value of electronic payments and services directly into the mobile phone, making our customers’ everyday lives more convenient. Singapore is the perfect market for such services given the industry’s increasing emphasis on mobile payments, and Singaporeans’ affinity for new technologies.”
About the Citi M1 mobile Visa payWave payment pilot
The Nokia 6212 classic handset is preloaded with the Visa payWave contactless payment application, which can then be used at more than 750 merchant locations displaying the Visa payWave sign. These include “everyday “purchase merchants such as Mrs. Fields, Gramophone, Popular Bookstore and The Coffee Connoisseur (tcc).
Cardholders can use their Nokia 6212 classic for payments of up to S$100 at any merchant that accepts Visa payWave. Purchases will be charged directly to the cardholder’s Citi M1 Platinum Visa card account. Cardholders will continue to enjoy the same loyalty rewards when using the Nokia 6212 classic as they do with their Citi M1 Platinum Visa card.
Participants will be provided the Nokia handsets at no cost by M1 for purposes of the pilot. Cardholders who make eight or more transactions each month will be given the handset free-of-charge at the end of the pilot.
About Near Field Communication (NFC)
NFC is a short-range wireless connectivity standard that evolved from a combination of existing contactless identification and interconnection technologies. Products with built-in NFC capability can simplify the way consumer devices interact with one another, helping to speed up connections, receive and share information and make fast and secure payments.
About Visa payWave
Visa payWave is a quick and convenient payment method that eliminates direct contact at the merchant terminal; it is faster and more convenient than cash and as secure as traditional Visa card transactions. By simply holding a Visa payWave-enabled mobile phone close to a contactless card reader, consumers can complete a Visa transaction in seconds. There is no fumbling for cash and cardholders remain in possession of their Visa card at all times.
To use Visa payWave, the consumer simply waves the device in front of the contactless payment terminal. The reader receives the Visa payment information and then processes the transaction as any other standard Visa transaction.
About Visa payWave Transaction Security
Visa has high security standards and risk management processes in place to help ensure that Visa transactions are safe and secure, and Visa payWave-enabled payments are no exception. Each Visa payWave-enabled transaction uses a tiny computer chip that sends payment information to a contactless card reader via short-range radio frequency waves. The information includes an encrypted security code that is unique to each transaction.
In addition to the same consumer and merchant protections offered on all Visa transactions, Visa payWave-enabled products are designed to be read when in close proximity (two to six centimeters) to a contactless point-of-sale reader, and the card or device stays in the customer’s possession when used in a contactless transaction.
About payment control options for the Nokia 6212 classic
Citi M1 Platinum Visa cardholders have three security setting options when using their Nokia 6212 classic:
1. Always – Payments can be made without the need for any confirmation or a Passcode.
2. By Confirmation – a simple prompt is displayed to the user whenever access for payment is required; the user is required to acknowledge the prompt.
3. With Passcode – a 4-digit numeric passcode is required before access to payment is given. This option adds an additional step to the payment process. Users who prefer increased security can choose to use this option.
