Visa and Nokia working together to deliver payment applications for next generation mobile devices
Visa Inc., the world's largest retail electronic payments network, and Nokia announced plans today to deliver Visa payment and payment-related services - including contactless payments, remote payments, money transfer, alerts and notifications - for Nokia's next generation handsets beginning with the Nokia 6212 classic, expected to be available starting October 2008.
The Visa applications will first be made available for trial use by interested financial institutions and will allow consumers with the Nokia 6212 classic and a relationship with a participating Visa issuing bank to use their Visa account to pay for goods and services; initiate mobile money transfers to other individuals with Visa accounts; receive near real-time notifications of activity on their Visa account; and "opt in" to receive offers and discounts from merchants.
The Nokia 6212 classic includes integrated Near-Field Communications chipsets (NFC) which lets the mobile device behave like a contactless payment card, where consumers simply wave it within a few inches of a special point of sale reader to complete a Visa transaction. Nokia and Visa first demonstrated NFC technology in December 2005 with the launch of the first large scale NFC trial in the United States at the Phillips Arena in Atlanta.
The plans announced today represent the next phase in an ongoing effort between Visa and Nokia to make mobile payments a reality for consumers around the globe. The long-term collaboration between Nokia and Visa has already resulted in multiple trials of Visa mobile payments enabled through NFC technology on four continents, including in the United States with Wells Fargo Bank; in Malaysia with Maybank and Maxis and most recently in London with Barclays Bank.
Source: Nokia Press Release