Visa and Google will be the first companies to unveil their mobile credit card processing products this fall, CNET reports.
The technology is designed to store credit card and prepaid reward information that allows people to pay for items by tapping their phones at credit card terminals rather than via cash or credit. The companies will both deploy near-field communication to allow for accurate phone swiping.
Visa also plans to integrate advertising into its software that will allow merchants to cater to local customers.
“We can see the transactions in real time,” Bill Gajda, head of Visa Mobile Global, told the media outlet. “So consumers can receive alerts about offers from nearby merchants.”
Both companies’ offerings will work for any credit card brand. However, a recent poll of 500 consumers conducted by international advertising firm Oglivy & Mather found that 40 percent stated they trust Visa with mobile payments, whereas consumer confidence in Google ranked near the bottom.
Debtmerica Relief reports that the mobile credit and debit card payment industry is expected to be worth $44 billion annually by 2015, according to analysts’ predictions.Back To Blog