Visa has formed an alliance to install payWave mobile wallet app on the NFC-enabled devices of the largest smartphone manufacturer — Samsung.
"Samsung devices enabled with Visa payment functionality will no doubt be a powerful product offering — especially in markets where paying with a mobile device is becoming commonplace," Jim McCarthy, Visa's global head of product, said at a press conference.
The two companies have worked before on mobile payments. They have partnered in May 2012 on Galaxy S3 devices during the Summer Olympics. The devices came with Visa's payWave technology for users to wave their phones at the register to check out at participating retailers in London.
NFC was one of the key words at the Mobile World Congress 2013 being held in Barcelona. GSMA said that the new technology will gain traction in the next two to three years.
Most probably, the new Samsung S4 to be unveiled on March 14 is expected to be installed with this app.
Pandey believes that Visa can play a significant role in helping to drive the availability of NFC phones and deployment of NFC services by working with the operators, handset vendors and the financial institutions. So far, handset vendors have been slow at introducing NFC phones because most mobile operators have not yet deployed commercial NFC services.
Presented by Adam Justice