Visa and DeviceFidelity are working with Apple [AAPL] to bring mobile payments to Apple iPhone users. The new system works with the iPhone sat in a protective case that has a secure memory card that is home to a contactless payment application called Visa PayWave.
The system is only designed right now to work with the iPhone 3G and iPhone 3GS with no next-gen model being mentioned. When active, the system will allow users to easily pay for small products and items as well as make purchases at vending machines by simply waving the phone in front of a contact-less pay system.
In the US there are 1000’s of companies who already accept contactless payment that are compatible with this system. As well as working with the iPhone with a special case, any mobile phone with a memory card slot will also work as the Visa chip can also utilise a microSD card slot.
The mobile payment application can be password protected and utilizes advanced security technology to uniquely identify each contactless transaction.. In addition, all Visa mobile payments are backed by Visa?s global processing network and analyzed for potential fraud in real-time. If a mobile device is lost or stolen, account holders should contact their issuer, as they would if their card was lost or stolen. The issuer can immediately deactivate the account. Market trials of the payment-enabled iPhone are scheduled to start this summer.
We can’t say this is anything too exciting, although it should save users a minute or two when paying as well as add a little more convenience to the process.
[Engadget]
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