Visa has presented the system payWave for Mobile at the Mobile World Congress in Barcelona. It is a contactless technology that enables Visa cardholders to simply wave their mobile device in front of a contactless payment terminal to make a payment. It uses NFC, Near Field Communication, technology, the short range communications standard that enables mobile phones to transmit payment information to a contactless payment terminal.
“Consumers can add their card, like you have a Visa credit card, onto their phone. It’s a simple activation process, where they can add their credentials. But what Visa has done is, when they add their real credit card onto the phone, to create a unique digital number, that is tied to the phone, and it makes it secure. And with that, just like they use their physical card; they can use that card to make payments in any place where Visa contactless is accepted. There is no difference for the consumers, whether they use their plastic or whether they use their phone,” says Visa’s Vice President Innovation Prasanna Laxminarayanan.