Smart payments with your smartphone

2013-02-25 20:36
(Picture, AFP)

(Picture, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Barcelona - US credit card giant Visa announced on Monday a global alliance with Samsung to let shoppers make payments by waving their smartphones near a special reader.

The deal could significantly boost the long-touted use of smartphones to pay for goods worldwide without any physical contact, and without the need either for credit cards or cash, it said.

The system could be used by owners of Samsung smartphones equipped with a technology known as Near Field Communication, or NFC, which lets a phone transmit information to a nearby reader without touching it.

"A Samsung device equipped with the Visa contactless payment service is a powerful proposition and will allow us to make mobile payments a reality for people around the world," Visa Europe vice president Mariano Dima said in a statement.

The success of the new system agreed between Visa and Samsung, the world's leading smartphone manufacturer, will still depend on whether banks can be persuaded to use it.

Visa said the deal had the potential to "significantly accelerate" the availability of mobile payments globally, noting a forecast by ABI Research that 1.95 billion NFC-enabled devices will ship in 2017.

Visa revealed the agreement on the first day of the Mobile World Congress in Barcelona, which is trying to raise awareness of the advantages of NFC, including by letting participants use "NFC badges" on their mobiles to enter.

Some in the industry are sceptical about NFC's usefulness, however.

"I think NFC is just a technology in search of a problem to fix that does not exist because it is really easy to pay in the store," the president of eBay subsidiary PayPal, David Marcus, told journalists at the congress.

The agreement with Samsung is the first of its kind between a leading manufacturer of NFC-enabled smartphones and a payment network, Visa said.

Under the deal, Samsung will equip the next generation of its mobile devices with Visa payment technology, including by pre-loading Visa's contactless payment system - Visa payWave - in its mobiles in a mini-program known as an applet.

Samsung will let banks send payment account information over the airwaves to a secure microchip embedded in its devices.

Banks will use a secure system relying on Visa's so-called Mobile Provisioning Service and Samsung's key management system.

Read more on:    visa  |  samsung  |  spain  |  mobile
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
7 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
 

Joburg hot spots for cocktails, craft beer, tapas and wine!

It’s the season to be jolly – so we’ve rounded up some new Joburg hot spots!

 
 

I love summer.24

Summer Survey!
Great ideas for the best summer sandwiches!
Christmas lingerie to make this festive season the best one ever!
13 things you might not know about Disneyland

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

The energy today is serious, materialistic and hardworking. You may find you get a new outlook on things and you may want to spend...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.