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Visa and Samsung Sign Global Alliance Agreement to Accelerate Mobile (NFC) Payments (Buy Stuff With Your Phone)

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After a trial run of the mobile payment system during the 2012 Olympics, Visa and Samsung have decided to push their payWave app further along with the announcement of the two companies signing a global licensing agreement.

The technology is being rumored to first hit the streets with the Samsung Galaxy S IV, out in just a few weeks.

“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,” said Jim McCarthy, global head of product, Visa Inc.

NFC or Near Field Communication, which is said to be one-day featured in all smartphones (ABI Research projects 1.95 billion NFC-enabled devices by 2017,) will allow a user’s equipped cellphone to securely communicate with a payment terminal and competing a monetary transaction wirelessly.

Visa is currently demonstrating their and Samsung’s payWave application.

 

<Source: Press Release>

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