On Monday, Visa and Samsung announced a partnership aimed at increasing and accelerating the global proliferation of mobile payments through the combined use of Visa payment systems and Samsung’s expertise in mobile device technology.
As part of the agreement, financial institutions that plan to launch mobile payment programs will gain access to the Visa Mobile Provisioning Service, which will allow the institutions to securely download payment account information to Samsung devices.
Samsung also plans to load the Visa payWave app, which allows customers to wave their mobile devices with stored payment information across designated payment readers in order to complete a purchase, to its mobile devices with NFC technology.
“Samsung devices enabled with Visa payment functionality will no doubt be a powerful product offering—especially in markets where paying with a mobile device is becoming commonplace,” Jim McCarthy, the global head of product at Visa, said. “However, the key to making mobile payments broadly available all over the world is to offer financial institutions a secure way to provision millions of smartphones with payment account information—and that is exactly what Visa and Samsung are ready to deliver.”
Near Field Communication — or NFC — technology allows mobile devices to send and receive information from payment terminals. Some experts predict that nearly two billion NFC-enabled devices will ship out to customers in 2017.