Visa Unveils Mobile Payment System

7:00 am on January 11, 2007 | Category: Business, Cell Phones, Mobile Devices, Wireless Technology

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Credit card giant, Visa, has announced plans to launch a new global payment system that would allow customers to buy on credit using their mobile phones.

The new system, unveiled earlier this week at the Consumer Electronics Show in Las Vegas, is expected to spur the development of the so called “electronic wallet,” and encourage the adoption of mobile commerce by credit issuers and wireless carriers alike.

“Visa has long realized the importance of the mobile channel to the future of payments as a medium to deliver to consumers,” commented the company’s senior VP of innovation, Patrick Hauthier.

Visa’s service will initially allow buyers to make payments by passing their phones near a special reader, and will eventually allow users to make payments without having any physical contact with the vendor. It will also allow for direct handset-to-handset exchanges and digital coupon programs once all functions have been rolled out.

No word yet on exactly when the system will be available at a retail level.

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    Published by TeleClick Enterprises
    Edited by Jeremy Maddock