The solution combines Visa's contactless payment technology, Visa payWave, and DeviceFidelity's In2PayTM technology to transform a mobile phone with a microSD memory slot into a mobile contactless payment device. This can enable consumers to make mobile Visa payWave transactions at any retail location that accepts contactless payments. Trials are scheduled to begin in the second quarter of 2010.
This collaboration aligns with Visa's mobile strategy to extend the reach of its global network to bring mobile payments and related services to consumers around the globe. With more than 4 billion mobile devices in market today, Visa, in partnership with financial institutions, mobile network operators and handset manufacturers, is working to deliver the benefits of mobile financial services to consumers worldwide.
"Visa's goal is to develop innovative ways to bring the value of Visa digital currency to mobile users around the globe," said Dave Wentker, Head of Mobile Contactless Payments at Visa Inc. "Through our collaboration with DeviceFidelity, Visa is helping to accelerate the adoption of mobile contactless payments and pave the way for the global deployment of NFC-enabled devices."
Visa's global transactions processing network, VisaNet, and its contactless payment technology play a critical role in securely processing transactions initiated with the In2Pay solution, providing real-time fraud monitoring and encryption technology that work in concert to prevent counterfeit fraud and ensure that mobile initiated Visa transactions are as secure as all Visa payments.
"We're committed to helping the industry unlock the true promise of the mobile phone and deliver a new wirelessly connected payment offering that is faster, more secure, and more convenient than traditional forms of electronic payment," said Deepak Jain, CEO of DeviceFidelity. "We are excited to be working with Visa, the leading brand in payments, to make mobile payments a reality in countries around the globe."
The In2Pay solution conforms to the industry standard for memory chips, microSD, and fits into the memory card slot found in many existing mobile devices in market today.
In2Pay integrates seamlessly with multiple mobile phone operating systems, enabling a flexible application interface and interactivity with the consumer. In2Pay uses an onboard software controlled antenna and an industry standard dual interface contactless smart card chip that supports Visa payWave, as well as other contactless applications popular with consumers such as transit, identification and access control.
In addition to DeviceFidelity, Visa is also working with key technology providers and strategic alliance partners to test and deploy this innovative mobile contactless payment technology, including CPI Card Group, Inside Contactless, Monitise plc, and NXP Semiconductors.
1 Based on payments volume, total volume, number of transactions and total number of cards in circulation.
Visa 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 10,000 transactions 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 DeviceFidelity, Inc.
DeviceFidelity, Inc. develops plug-and-play technologies that empower a variety of institutions to deploy their services and applications on existing and upcoming mobile phones worldwide. Committed to bringing contactless innovation to the mobile phone, the company has numerous patents pending in both U.S. and international patent offices. DeviceFidelity is a private corporation with headquarters in Richardson, Texas and offices in Foster City, California. For more information, go to www.devicefidelity.com.
SOURCE: Visa Inc.
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Elvira Swanson, 650-504-4537