Visa Unveils Secure, Wireless NFC Venture with Oberthur Technologies
February 28, 2012 9:08 AM
The NFC system allows financial institutions and mobile network operators to wirelessly connect NFC-enabled gadgets with Visa accounts
Visa announced a mobile payments venture today at Mobile World Congress (MWC) in Barcelona, Spain, which will allow customers to securely pay for everyday items and download account information wirelessly using their smartphones.
Visa joined forces with Oberthur Technologies to introduce a
Near Field Communication
(NFC) system that allows financial institutions and mobile network operators to wirelessly connect NFC-enabled gadgets with Visa accounts.
Here's how it works -- a customer with a NFC-enabled phone passes Visa's compliance testing from their operator, and contacts the financial institution which provided their Visa account asking to activate the mobile payments option. Visa then asks the customer to enter a password in order to authenticate the account holder, and initiates the exchange of secure keys that allows all parties involved to access the NFC-enabled chip on the phone.
Once the NFC chip is unlocked, a secure download of account information to the phone ensues, and the customer is able to
make mobile payments
via the touch of their NFC-enabled gadget.
"In the same way we have enabled the secure provisioning of payment cards for decades, we are now using mobile technology to securely provision mobile payment accounts over the air," said Bill Gajda, head of Mobile Products for Visa. "Financial institutions, mobile network operators, and even transit operators now have a simple, secure process to activate payment applications at scale and make mobile payments part of everyday life for consumers around the world."
Those who use the new Visa mobile payment system will gain access to applications such as Visa's payWave, which is Visa's contactless payment technology.
Visa is not new to the NFC arena. Last February, Visa used the iPhone in a
NFC payment trial in Europe
after conducting a survey to see how much interest there was in the system.
Later in April 2011, Visa announced that it had teamed up with Samsung for a NFC venture for the
London 2012 Olympics
. The companies will launch a Olympics and Paralympics Games mobile handset in London that will use Visa's payment application and a Visa SIM card.
"People Don't Respect Confidentiality in This Industry" -- Sony Computer Entertainment of America President and CEO Jack Tretton
Google Wallet Officially Announced
May 26, 2011, 1:33 PM
Visa, Samsung Join Forces in NFC Venture for London 2012 Olympic Games
April 1, 2011, 9:53 AM
Telecom Firms Fight for No. 1 Spot in NFC Technology
February 14, 2011, 1:09 PM
Visa NFC Payment Trails Underway in Europe
February 1, 2011, 11:13 AM
Science & Environment
February 20, 2017, 6:37 AM
The USA’s newest weather satellite sends first photos.
January 24, 2017, 6:41 AM
Netflix took a decision to invest in original content
January 19, 2017, 7:00 AM
Amazon Airborne Fulfillment Center – Your Merchandise Drop-Shipped from the Clouds
December 29, 2016, 5:00 AM
Amazon is experimenting with a new kind of grocery stores, Amazon Go
December 8, 2016, 5:00 AM
Google has developed Deep Learning Algorithm to detect Diabetic Eye Disease
December 4, 2016, 5:00 AM
Most Popular Articles
What is the Apple’s iPhone 8 specifications and release date?
April 14, 2017, 5:43 AM
Meet the Smartphone with four cameras - Alcatel Flashphone
April 5, 2017, 11:20 AM
Vivo V5 Plus – the Selfie Softlight is on You.
April 17, 2017, 7:05 AM
Moto G4 Plus - Powerful Unlocked Convenience
April 12, 2017, 6:25 AM
Microsoft releases details of Project Scorpio console
April 7, 2017, 7:50 AM
Latest Blog Posts
Sound Bars and the Costs?
Apr 23, 2017, 6:30 AM
Link your Brain to Your Computer – In Four Years…Maybe
Apr 22, 2017, 7:03 AM
Google Home can now identify users by their voice.
Apr 21, 2017, 7:15 AM
Amazon Lex – Now Available for Developers.
Apr 20, 2017, 6:58 AM
You can now use Instagram offline on your Android Smartphone
Apr 19, 2017, 8:00 AM
Now you can livestream to YouTube from your mobile device.
Apr 18, 2017, 8:05 AM
Google Home – Is It a Spy Device?
Apr 17, 2017, 7:30 AM
Apple added to self –driving test permit list
Apr 15, 2017, 6:21 AM
Project Scorpio – Coming on June 11
Apr 14, 2017, 6:20 AM
Looks Like Samsung Has Been Forgiven.
Apr 13, 2017, 6:50 AM
United Airlines - Blasted on China’s Social Network and the Stock Market
Apr 12, 2017, 6:50 AM
Amazon's Third-Party Sellers Hacked
Apr 11, 2017, 6:25 AM
Microsoft Surface Pro5 Details Revealed
Apr 9, 2017, 6:41 AM
Own An Android Phone? Then you could be hacked over Wi-FI
Apr 7, 2017, 6:47 AM
Apple confirms iOS 10.3 bug and its effect on iCloud Services
Apr 6, 2017, 6:30 AM
Apple Rolls Out New Version of Apple Music
Apr 5, 2017, 10:35 AM
Apple in the News
Apr 4, 2017, 9:03 AM
Apple iPhones Will Soon Feature Graphics Chips Designed BY Apple
Apr 3, 2017, 6:23 AM
AMD Ryzen Desktop Processors Performance
Apr 2, 2017, 6:30 AM
What makes a camera Lensless?
Apr 1, 2017, 7:45 AM
Google halts Android Wear 2.0 Update Due to Bug
Mar 31, 2017, 7:27 AM
Uber Technologies Inc Driverless Car hit by Human-driver
Mar 30, 2017, 8:00 AM
More Blog Posts
Copyright 2017 DailyTech LLC. -
Terms, Conditions & Privacy Information