Several people are ready to stop paying via cash, check or charge card. Yet the move toward a society without cash might be much closer than we think, thanks to Visa. By this fall, Visa Digital Wallet will be up and running, writes Wired.
Near Field Communication technology is the key
The announcement from Visa for Digital Wallets will change the cell payments race. More individuals will try and go faster with it. Charge card businesses, retail companies and customers have looked forward to the day that a convenient wave of a phone could complete a transaction. The day will be here soon with secure Near Field technology short-range communication.
“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe,” said Visa chairman and CEO Joseph Saunders in a statement. “We’re focused on delivering locally tailored payments products and services.”
Customer behavior with Visa Digital Wallet
Experts predict that not only will NFC technology make mobile payments the preferred method of transaction, but other technology that Visa and others are developing will streamline the one-click purchasing experience online and allow consumers to consolidate accounts from multiple financial institutions in one place.
Right now, Visa has become a commerce-focused technology company in several ways.
“When you think about what’s impacting commerce, you have one overarching trend: the continued adoption of electronic forms of payments,” said Visa executive Jennifer Schulz to Wired. “People are migrating away from cash and check and using electronic capabilities. … We’ve seen the use of and ubiquity of mobile devices really driving consumer behavior.”
Google attempting to stay on top still
MocoNews.net states that Google will be launching a phone payment service too. Really, this ought to happen in a few months from now. Retailers that use cash registers developed by VeriFone Systems in New York and San Francisco will benefit from the NFC-backbone system. The iPhone 5 or newer versions of the iPad will support NFC along with Android smartphones.
All the financial institutions want a piece of Visa Digital Wallet
U.S. Bank, Royal Bank of Canada and PNC Bank are just a couple of the big-name financial institutions that will be throwing their hats to the ring with Visa on the Digital Wallet project, claims Schulz. Before the launch in the fall, more partners will likely be announced.
Citations
Moco News
moconews.net/article/419-googles-mobile-payments-venture-heats-up-with-mastercard-citigroup/
Visa Media Center
corporate.visa.com/media-center/press-releases/press1124.jsp
Wired
wired.com/epicenter/2011/05/visa-digital-wallet-nfc/
‘What would the ideal payment experience look like?’
youtube.com/watch?v=Y80tSc1b8UI
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