Some people say that under the current market conditions, the biggest challenge for mobile payment is the massive "fragmentation" of the mobile communication industry: a variety of mobile operating systems, customized mobile phones, applications, and so on. Keeping pace with innovation in development is a major challenge for credit card companies. Therefore, there is still considerable room for innovation around how to pay with mobile phones.
Recently, Visa announced that the Near Field Communication (NFC)-enabled smartphones produced by Samsung Electronics, LG Electronics and Research In Motion (RIM) have been certified by Visa and can be used to pay in conjunction with Visa's mobile payment application Visa payWave on POS terminals. A variety of smartphones, including Samsung Galaxy SII, LG Optimus NET NFC, BlackBerry Bold 9900/9790, and BlackBerry Curve 9360/9380, have been certified by Visa and are listed in the certified mobile payment product catalog for financial institutions to deploy. Used in commercial mobile payment systems.
According to the relevant person in charge, NFC is a short-range communication standard that supports mobile phones to securely transfer payment information to contactless payment terminals. All of the above Visa-certified smartphones can run the Visa payWave app on a secure SIM card and support Near Field Communication (NFC).
The global head of Visa's mobile payment products said that this is a significant step for Visa, financial institution partners and the entire mobile payment industry. In this way, financial institutions can also consider offering their customers a way to turn their smartphones into full-featured mobile payment terminals, in addition to the issuance of magnetic stripe cards or chip cards. Visa's certification of these smartphones provides the foundation for mobile terminal manufacturers, mobile operators and retailers to work with financial institutions to provide Visa mobile payment capabilities to consumers around the world.
Visa has taken the lead in the development of global standards for mobile payments, ensuring that these standards are consistent with existing chip card technologies and security standards and can be easily integrated into existing payment industry chains. For example, Visa payWave running on mobile terminals is compatible with contactless (such as NFC) payment terminals that are now widely deployed in retail stores around the world. Visa cardholders can easily shake mobile phones that support payWave in front of the payment terminal. Complete the payment.
For mobile terminals and security components that install the Visa payWave mobile app, Visa has developed a validation verification process that includes a series of technical and usability tests on Visa's mobile payment capabilities. This helps ensure that Visa transactions that comply with global standards for chip card payments are secure and set the transmission distance for all NFC-enabled Visa mobile payment terminals. Visa's verification verification process helps ensure a combination of mobile phones, security chips and Visa mobile payment applications that give Visa cardholders the level of security and user experience they expect.
As a strong development trend of NFC, the mobile payment industry standard, some organizations expect that the NFC-based transaction volume will increase significantly from 2014, from $27 million in 2010 to $40 billion.
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