Visa Launches Pay-By-Cell Phone

LAS VEGAS – Visa USA, the world’s largest payments network, announced yesterday it is introducing a mobile platform that will allow consumers to tap into their bank and credit union accounts over the cell phones. The platform is designed to integrate the many competing mobile payments systems and services into a single user-friendly environment. The single platform will be used for mobile contactless payments, remote payments, person-to-person payments, and mobile coupons, as well as account management services, like viewing balances and bill payments. Visa has been working with numerous vendors and groups to facilitate the mobile system, including Nokia, NXP Semiconductors (formerly Philips), IBM, VeriSign, ViVOtech, the Mobile Payment Forum, the Near Field Communication Forum and Global Platform.