VISA plans global cell phone payment system

Posted on Thursday, January 11 2007 @ 10:30 CET by Thomas De Maesschalck

Visa is planning to unveil a new global payment system that will let you pay through your cell phone:

The new system, announced at the Consumer Electronics Show in Las Vegas, is aimed at Visa credit-card issuers and cellular phone service providers.

Visa says it believes the new product will help spur the development and delivery of the so-called electronic wallet.

"Visa has long realized the importance of the mobile channel to the future of payments and as a medium to deliver to consumers," Patrick Hauthier, Visa's senior vice-president of innovation, said in a written statement. The first stage of Visa's plan will let people make payments by passing their cellphones near a special reader.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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