Mobile technology is everywhere. It is changing how we communicate, how we do business, and how we access our personal and professional lives.
The mobile phone is becoming the next frontier for electronic payments. In developing countries, where most payments are still paper-based but many people carry a mobile phone, Visa is working with mobile network operators, governments and financial institution clients to extend secure and scalable financial tools to people whom the traditional banking system can’t reach. In developed countries like Canada, Visa has launched products that let you make a purchase by waving your phone at the point of sale.
Combining mobile communications and electronic payments holds the promise of democratizing financial services for billions worldwide, putting secure, reliable and convenient mobile payments and financial services in the palm of one’s hand.
The convergence of the Internet and mobile technologies are creating new demands for electronic payments. Today, consumers want the ability to easily pay online, via mobile phone or in social networking/gaming environments. Similarly, merchants are looking to payments companies to provide the innovation and leadership needed to keep pace with these rapid developments. From creating one of the first general-purpose credit cards 50 years ago to introducing a new digital wallet service, V.me by Visa, designed to work in any commerce environment, Visa continues to innovate in ways that improve the everyday lives of people globally.
Visa and its partners are delivering mobile payments and related services that help consumers better manage their Visa accounts and enhance the payment experience. Those services include merchant offers tailored to the customer’s lifestyle and geographic location, transaction alerts sent directly to a consumer’s mobile device via SMS text message, and easy mobile payments.
For mobile payments at the physical point of sale, Visa applies its contactless payment technology, Visa payWave, which eliminates direct contact at the merchant terminal and allows consumers to pay by simply holding the phone in front of the payment terminal. Visa payWave is faster and more convenient than cash and as secure as traditional Visa card transactions.
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