Visa enters mobile payment fray

Visa launched a mobile payment platform designed to support contactless payments, coupons and other m-commerce-related applications.
The offering “is designed to foster collaboration between the financial services and mobile telecommunications sectors,” the company said, and consists of a suite of technology tools, applications and security standards. An initial version supports direct marketing and over-the-air personalization services; Visa said upgraded versions will come to market later this year that will support remote payments and person-to-person transfers.
The financial giant is competing with a disparate field of competitors in the m-commerce arena. Banks and credit card companies are struggling to gain traction in the nascent space against PayPal Inc. and a host of pure-play startups including Obopay, MobileLime, Secure Wireless Transfers Corp. and ClairMail Inc.
“Visa has long realized the importance of the mobile channel to the future of payments and as a medium to deliver consumer services,” said Visa International executive Patrick Gauthier. “The launch of the mobile platform is a significant industry milestone because it will enable innovative trials and go-to-market strategies for mobile payment services globally.”