Visa, Google sign licensing deal
Visa payWave enables consumers to make fast and secure payments at retail locations by tapping their mobile phones in front of a payment terminal. It is currently accepted at hundreds of thousands of retail locations worldwide.
According to The Strategic Sourceror, with payWave technology at its disposal, Visa customers using Google Wallet, a mobile application that effectively transforms a smartphone into a digital wallet, will be able to integrate their credit, debit and prepaid accounts into the service.
The strategic partnership between the two companies will allow consumers to more easily use mobile technology when paying at retail stores in the future.
This is the latest effort by Visa and Google to simplify the consumer shopping experience, by enabling them to make payments using their mobile phones, notes iStock Analyst.
"Mobile technology is transforming how people pay for goods and services," says Jim McCarthy, global head of product at Visa.
Stephanie Tilenius, VP of commerce and payments at Google, concluded that this is a crucial step towards realising their shared vision for the future of mobile commerce - one that creates a rich shopping experience for consumers and merchants alike.
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