Samsung to Preload Visa Mobile Wallet into NFC-Enabled Smartphones
Published on: 26th Feb 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Samsung has agreed to load Visa's payWave applet onto its mobile devices featuring NFC technology. Visa payWave is the credit card firm's mobile payment applet that enables consumers to make "wave and pay" contactless payments using mobile devices.
Off the shelf, these devices are ready to be personalized with Visa payment account information - a simple step that consumers will be able to initiate using a mobile payment application provided by their financial institution.
According to an agreement between Samsung and Visa, financial institutions that are planning to launch mobile payment programs will also be able to use the Visa Mobile Provisioning Service to download payment account information to NFC-enabled Samsung devices.
"Samsung devices enabled with Visa payment functionality will no doubt be a powerful product offering - especially in markets where paying with a mobile device is becoming commonplace," said Jim McCarthy, global head of product, Visa. "However, the key to making mobile payments broadly available all over the world is to offer financial institutions a secure way to provision millions of smartphones with payment account information - and that is exactly what Visa and Samsung are ready to deliver."