Visa, the world’s biggest credit card payment system, has launched a global system to turn mobile phones into wallets for millions of customers in a deal with the world’s top handset producer, Nokia.
Users can pay for groceries and other purchases by swiping a phone over a reader that electronically communicates with a microchip on the phone. Phone owners confirm the purchase with the push of a button and the deal is complete.
The platform is the result of many years of trials around the world and will enable mobile contactless payments, remote payments, person-to-person payments, and mobile coupons. Consumers will also be able manage their payment accounts and funds from their mobile devices, Visa said in a statement issued at the Consumer Electronics Show.
Source: Reuters.com
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