Visa Unveils Secure, Wireless NFC Venture with Oberthur Technologies
February 28, 2012 9:08 AM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
2/28/2012 10:33:35 AM
Just because it isn't built in doesn't mean anything.
2/28/2012 12:05:36 PM
Blasphemy! The great Apple has not yet allowed NFC technology. Burn the infidels!
"The Space Elevator will be built about 50 years after everyone stops laughing" -- Sir Arthur C. Clarke
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
Tech's Biggest Loser on Tax Day: eBay Pays Nearly 99 Percent Tax Rate
April 15, 2015, 3:28 PM
Death and Dragons -- Report Claims Game of Thrones Hit by Piracy "Tidal Wave"
April 10, 2015, 8:37 AM
Court Blocks Twitter and YouTube in Turkey After Pro-Communist Attack in Istanbul
April 6, 2015, 10:53 AM
In Graphics and Quotes: $10.4 Billion Charter & Bright House Merger
April 2, 2015, 5:19 PM
WSJ Report Implies That Google Leveraged Lobbying to Kill Antitrust Abuse Probe
March 25, 2015, 5:37 PM
Nationalist Hackers From Turkey Cause Chaos, Deface Dozens of Sites
March 16, 2015, 12:29 PM
Most Popular Articles
Raytheon $1.9 Billion Purchase of Websense Raises Tough Questions
April 20, 2015, 1:57 PM
HBO to VPN HBO Now Users: Prove You Live in U.S. or We Will Terminate You
April 21, 2015, 12:17 PM
AMD CEO: Windows 10 Will Launch at "The End of July"
April 20, 2015, 7:24 PM
Quick Note: Lady Macbath -- One Japanese Woman's Apple Themed Revenge
April 23, 2015, 11:47 AM
After Record-Setting Week, Samsung Predicts 70 Million GS6/GS6 Edge Sales
April 17, 2015, 8:39 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information