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Visa adds NFC devices to m-payment initiative

Another piece of the mobile wallet jigsaw

Payment and banking services provider Visa said Tuesday that it has certified NFC-enabled smartphones from Samsung, LG and RIM for use with its PayWave mobile payments application. The PayWave application is installed on a secure SIM card and allows users to make payments at points of sale using a contactless payment terminal.

The Samsung Galaxy SII, LG Optimus NET NFC, BlackBerry Bold 9900, BlackBerry Bold 9790, BlackBerry Curve 9360 and BlackBerry Curve 9380 have been added to the list of Visa compliant payment products available for commercial deployment by financial institutions.

“The players are now in place for mobile payments to become a reality,” said Sandra Alzetta, head of mobile business unit and innovation strategy at Visa Europe. “We are working with our member banks, mobile network operators and key handset partners to ensure that future payment technologies are as easy, intuitive and secure as card-based transactions are today. Today’s announcement plays a significant role in getting those new technologies into the hands of the consumer.”

Visa payWave on mobile devices is compatible with existing contactless (NFC) payment terminals already installed at retail outlets worldwide. Research house the Yankee Group predicts that the value of NFC-based transactions will grow significantly, from $27m in 2010 to $40bn in 2014.

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