VISA, NOKIA IN CONTACTLESS PAYMENT DEAL

Visa has launched a mobile platform that lays the foundation for the commercial availability of mobile payments and services to users around the world. The new platform aims to foster collaboration between the financial services and mobile telecommunications sectors for the delivery of mobile payment applications and payment related services, Visa is quoted to have said. To implement this strategy, Nokia and Visa have announced a deal which would create a global payment system."Visa has long realised the importance of the mobile channel to the future of payments and as a medium to deliver consumer services," said Patrick Gauthier, senior vice president, innovation, Visa International. "The launch of the mobile platform is a significant industry milestone because it will enable innovative trials and go-to-market strategies for mobile payment services globally."The initial version of the platform launched offers solutions for contactless mobile payment, OTA personalisation, coupons and direct marketing. Subsequent versions of the platform, to be made available later in the year, will include solutions for remote payment and person-to-person payment. This tiered launch approach enables Visa issuers and mobile industry partners to take advantage of near-term opportunities in specific markets and consumer segments now, while also building towards a complete mobile payments program that brings long-term growth and delivers value to consumers as new technologies and architectures are deployed, as per a statement issued by the company."In its current nascent stage, the mobile payment ecosystem is complex and presents a challenge for those considering entering this new space," said Mary Ann O'Loughlin, senior vice president, consumer practice, Ovum North America, an analyst and consulting company.