Visa used a huge event like the MWC expo to launch its mobile payment solution which will probably dwarf all other efforts in this field. Upon purchasing a "Visa-certified" NFC phone, the user can contact the payment processing behemoth to activate it and link it with their bank account.
This Visa-approved phone can then be used for payments anywhere the Visa payWave system is installed, and the number of this wireless-enabled terminals is increasing by the day.
It can't get any simpler than the largest payment processor that has a grip on billions of credit cards to endorse your NFC phone, so money will be flying out of your pocket even faster now. Visa, of course, will employ all of its security and fraud prevention techniques that it now applies to card payments.
The first Visa-certified devices are the new smartphones with Intel hardware inside that were shown at the MWC expo, like the Orange Santa Clara. The Olympics in London this summer will mark a huge marketing push from Visa and Samsung to explain and popularize mobile payments as well.
In the meantime, the carrier-backed payment system ISIS signed up three large banks for payment processing - Chase, Capital One and Barclaycard - so clients with these cards will be able to store them in their phone when the system goes official. 2012 is shaping up to be the year when mobile payments will receive enough publicity so that people can get enticed to try the, out. For more information you can read our summary article.
source: VISA
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