Partnership Extension Capitalizes on Latest Advances in Mobile and Payment Technologies
NEW YORK--(BUSINESS WIRE)--Sept. 25, 2008--Visa Inc. (NYSE:V), the world's largest retail electronic payments network, and Nokia (NYSE:NOK), the world's largest mobile device manufacturer, announced plans today to deliver Visa payment and payment-related services - including contactless payments, remote payments, money transfer, alerts and notifications - for Nokia's next generation handsets beginning with the Nokia 6212 Classic, expected to be available starting October 2008.
The Visa applications will first be made available for trial use by interested financial institutions and will allow consumers with the Nokia 6212 classic and a relationship with a participating Visa issuing bank to use their Visa account to pay for goods and services; initiate mobile money transfers to other individuals with Visa accounts; receive near real-time notifications of activity on their Visa account; and "opt in" to receive offers and discounts from merchants.
"Mobile payments and services are one of the most vibrant areas of innovation at Visa, as we seek to accelerate the migration from paper forms of payment to digital money," said Tim Attinger, Head of Global Product Innovation at Visa Inc. "Visa is already better money - more convenient, reliable and secure than cash. Putting Visa payments and exciting new services into the NFC-equipped Nokia 6212 classic adds another layer of convenience and security for Visa account holders and Nokia customers around the world."
The Nokia 6212 classic includes integrated Near-Field Communications chipsets (NFC) which lets the mobile device behave like a contactless payment card, where consumers simply wave it within a few inches of a special point of sale reader to complete a Visa transaction. Nokia and Visa first demonstrated NFC technology in December 2005 with the launch of the first large scale NFC trial in the United States at the Phillips Arena in Atlanta.
The plans announced today represent the next phase in an ongoing effort between Visa and Nokia to make mobile payments a reality for consumers around the globe. The long-term collaboration between Nokia and Visa has already resulted in multiple trials of Visa mobile payments enabled through NFC technology on four continents, including in the United States with Wells Fargo Bank; in Malaysia with Maybank and Maxis; in Taiwan with Chinatrust Commercial Bank and Chunghwa Telecom; and London with Barclays Bank.
"NFC-capable devices such as the Nokia 6212 Classic are set to change the way mobile phone users interact with devices and services in their surroundings," says Jeremy Belostock, the Head of Near Field Communications, Nokia. "With our partnership with Visa, we're bringing the value of electronic payments and services directly into the mobile phone, making our customers' everyday lives more convenient."
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks. www.nokia.com
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com
CONTACT: Visa Inc.
Elvira Swanson, 415-932-2564
SOURCE: Visa Inc.