OXFORD, United Kingdom-In an attempt to set the global standard for secure mobile payments, Visa said it will launch a fraud prevention service next year that it previously developed for Web sites.
The company said that, following successful trials across Europe, the new service would mirror its Verified by Visa anti-fraud service, which was launched in Europe earlier this year, whereby users would be able to use the same personal identification number (PIN) from their banks to make payments from the Web and cell phones. Visa took pains to point out that its service would differ markedly from MasterCard’s mobile offerings, which will enable cardholders to receive a short message service (SMS) alert when there is a suspicious or large transaction-a scheme Visa tested and decided against two years ago.
Visa recognizes the deployment of m-commerce has been slow in coming largely due to problems with agreeing on a global technology standard. However, it claims to be working with MasterCard and more than 100 other firms through the Mobile Payment Forum in an attempt to ensure its service is implemented as a recognized global standard.
