Cash, check or charges are all outdated methods of payment. Yet the move toward a cashless society may be closer than we think, thanks to Visa. Wired explains that the charge card company will debut Visa Digital Wallet via smartphone for retail electronic point-of-sale locations by fall 2011.
Most significant part is the Near Field Communication technology
The announcement from Visa for Digital Wallets will change the mobile payments race. More individuals will try and go faster with it. Using a phone for transactions is something consumers really want. Retail companies and credit card companies have also been waiting for this. With secure Near Field technology short-range communication, that day is almost upon us.
“The widespread adoption of Internet and mobile technology is changing the way people connect and transact across the globe,” said Visa chairman and CEO Joseph Saunders in a statement. “We’re focused on delivering locally tailored payments products and services.”
The way Visa Digital Wallet will change things
Experts predict that not only will NFC technology make phone payments the preferred method of transaction, but other technology that Visa and others are developing will streamline the one-click purchasing experience online and allow consumers to consolidate accounts from multiple financial institutions in one place.
Right now, Visa has become a commerce-focused technology business in many ways.
“When you think about what’s impacting commerce, you have one overarching trend: the continued adoption of electronic forms of payments,” said Visa executive Jennifer Schulz to Wired. “People are migrating away from cash and check and using electronic capabilities. … We’ve seen the use of and ubiquity of mobile devices really driving consumer behavior.”
Google attempting to stay on top still
MocoNews.net states that Google will be launching a cell payment service too. This should take place in a few months from now. Retailers that use cash registers developed by VeriFone Systems in New York and San Francisco will benefit from the NFC-backbone system. Both Android smartphones and the iPhone 5 will support NFC. The future versions of the iPad will also have it.
Connection with Visa Digital Wallet needed by financial institutions
According to Schulz, many big name banks want a piece of Visa’s Digital Wallet project. This involves PNC Bank, U.S. Bank and Royal Bank of Canada. There will probably be more partners in the end. The announcement is anticipated to come before the fall launch occurs.
Articles cited
Moco News
moconews.net/article/419-googles-mobile-payments-venture-heats-up-with-mastercard-citigroup/
Visa Media Center
corporate.visa.com/media-center/press-releases/press1124.jsp
Wired
wired.com/epicenter/2011/05/visa-digital-wallet-nfc/
‘What would the ideal payment experience look like?’
youtube.com/watch?v=Y80tSc1b8UI
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