Contactless Pay-By-Phone Piloted By U.S. Bank
MINNEAPOLIS – U.S. Bank and Visa introduced a new way for customers to make purchases using their mobile phone – simply waving their phone in front of a Visa payWave contactless payment terminal to pay.
Issued by U.S. Bank, a DeviceFidelity In2Pay micro chip is inserted in the customer’s mobile phone or within a specially-designed iPhone case. Fidelity National Information Services and Monitise developed the application that enables customers to make mobile purchases and access account information as part of the U.S. Bank pilot.
The solution conforms to the industry standard for memory cards, microSD, and fits into the memory card slot found in many existing mobile devices. U.S. Bank will be testing with several market leading mobile brands. The mobile payment solution is password protected and uses advanced security technology to uniquely identify each contactless transaction. As is true with a lost or stolen card, the chip can be immediately disabled by the bank as needed.