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PayPal is one of the largest drivers of interchange revenue for the major card networks, yet the networks are increasingly trashing the security of the online payments powerhouse and other companies that toe the line between partner and rival.
February 16
Visa and Intel this week announced a strategic agreement to develop mobile commerce solutions for consumers. Under the agreement, an Intel Atom processor equipped with near-field communication technology will work with Visa’s payWave payment system to enable mobile payments. Both companies plan to develop apps for smartphones and tablets.
"Visa's agreement with Intel paves the way for financial institutions around the globe to offer their account holders mobile payments and financial services using innovative mobile devices and technologies designed by Intel," said John Partridge, president, Visa Inc., in a press release.
In the initial phase of the agreement, Visa has certified Intel's Smartphone Reference Device powered by the Intel’s Z2460 Atom processor, a small chip for smartphones, for use with Visa payWave. The Intel unit includes near-field communication technology, the short-range communications standard that enables mobile phones to transmit payment information to a payment terminal. This will give manufacturers a means to produce NFC-enabled smartphones.
When used in combination with a Visa-compliant chip, smartphones based on the Intel Smartphone Reference Device handset can be enabled to connect to Visa's mobile provisioning service, providing financial institutions and mobile operators the means to download Visa payment account information and the Visa payWave application "over the air" to a secure chip on an NFC-equipped smartphone. The connection to Visa's mobile provisioning service can be enabled by a Trusted Services Management platform, such as Giesecke & Devrient's platform.
