Visa has partnered with Samsung on NFC technology, aiming to make mobile payments simpler for consumers and financial institutions.
The two companies said that many new Samsung NFC-enabled devices would now come pre-loaded with Visa’s payments software, payWave. This means that the Visa payments app could potentially come to replace a customer’s Visa card.
Off-the-shelf phones will already have the secure elements embedded in them, eliminating the need to download a mobile wallet app.
Visa will also offer its Mobile Provisioning Service – to securely download payment credentials onto the payWave applet – to any financial institution intending to launch a mobile payment program.
The financial institution will then be able to load customer account data to the secure chip in the device.