Visa, Google sign licensing deal to accelerate mobile payment adoption
Visa payWave lets consumers make fast and secure payments at retail locations by waving their mobile device in front of a payment terminal. The NFC-based payment technology is currently accepted at many retail locations worldwide.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency.
Google is a global technology leader focused on improving the ways people connect with information.
Through the agreement, Visa-issuing banks worldwide will let Visa account holders add their credit, debit and prepaid accounts to Google Wallet – a mobile app that turns a smartphone into a digital wallet.
Google Wallet is designed to enable an open commerce ecosystem that lets consumers carry payment cards, offers, loyalty and gift cards in their mobile device.
The company is working with several retail brands such as American Eagle Outfitters and Macy’s.
The news shows Google and Visa’s progression in the mobile payments space.
The company is making its products available as a payment option in any digital wallet, including its own which was announced earlier this year.
The Visa mobile wallet lets consumers use the “click-to-buy” payment functionality and access their Visa and non-Visa accounts using a personal computer or smartphone.
Additionally, Visa is strengthening its mobile commerce presence with a recent Isis partnership.
Isis now counts Visa, MasterCard, American Express and Discover among its partners as its looks to bring mobile commerce to a broad cross-section of United States consumers.
Visa, MasterCard and American Express have all formed new relationships with Isis to help drive mobile payments via Isis-enabled phones (see story).
Rimma Kats is staff reporter on Mobile Commerce Daily, New York