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February 26, 2013

Visa, MasterCard introduce new mobile payment systems

New application will allow consumers to make purchases without a credit card

By CBR Staff Writer

Visa and MasterCard have introduced new industry partnerships and technology systems which they say will allow consumers to buy goods and services with their mobile devices.

MasterCards’ new MasterPass platform is aimed at allowing cardholders to incorporate their card information into a single software programme, which would then allow mobile payments. Additionally, users can load information for credit and debit cards from brands including Visa, American Express and Discover Financial Services.

Visa also developed a new programme that assists mobile-phone manufacturers, point-of-sale terminal makers and other firms in rapidly certifying their products as per the card company’s security standards.

In addition, Visa has also collaborated with Samsung to accelerate contactless payments through near-field communication (NFC) and load the Visa payWave applet into Samsung’s mobile devices.

Visa global head of product Jim McCarthy said that Samsung devices enabled with Visa payment functionality will be targeted mainly at markets where paying with a mobile device is becoming commonplace. "However, the key to making mobile payments broadly available all over the world is to offer financial institutions a secure way to provision millions of smartphones with payment account information – and that is exactly what Visa and Samsung are ready to deliver," McCarthy said.

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